The Central Bank of Nigeria (CBN) has said it followed due process as far as redesigning three series of the naira is concerned.

Spokesman of the apex bank, Mr. Osita Nwanisobi, said this while responding to the Minister of Finance, Budget and National Planning, Zainab Ahmed, who said her ministry was not carried along.

When she appeared before a senate committee on Friday, the minister had faulted the process, which she described as ill-timed.

But Nwanisobi expressed surprise at the minister’s claim, stressing that the CBN remains a very thorough institution.

He said the management of the CBN, in line with provisions of section 2(b), section 18(a), and section 19(a)(b) of the CBN Act 2007, had duly sought and obtained the approval of President Muhammadu Buhari in writing to redesign, produce, release and circulate new series of N200, N500, and N1,000 banknotes.

Urging Nigerians to support the currency redesign project, he said it was in the overall interest of Nigerians, reiterating that some persons were hoarding significant sums of banknotes outside the vaults of commercial banks.

This trend, he said, should not be encouraged by anyone who means well for the country.

Furthermore, he noted that currency management in the country had faced several escalating challenges which threatened the integrity of the currency, the CBN, and the country.

Nwanisobi added that every top-rate Central Bank was committed to safeguarding the integrity of the local legal tender, the efficiency of its supply, as well as its efficacy in the conduct of monetary policy.

On the timing of the redesign project, Nwanisobi explained that the CBN had even tarried for too long considering that it had to wait 20 years to carry out a redesign, whereas the standard practice globally was for central banks to redesign, produce and circulate new local legal tender every five to eight years.

While assuring Nigerians that the currency redesign exercise was purely a central banking exercise and not targeted at any group, the CBN spokesman expressed optimism that the effort will, among other goals, deepen Nigeria’s push to entrench a cashless economy in the face of increased minting of the eNaira. This, he said, is in addition to helping to curb the incidents of terrorism and kidnapping due to access of persons to the large volume of money outside the banking system used as a source of funds for ransom payments.

Nwanisobi therefore urged Nigerians, irrespective of their status, to support the Naira redesign project, as it is for the greater good of the economy.

Moh247:




CBN and Finance Ministry has different roles and are independent of each other

One handles Fiscal policy the other handles Monetary policy


.

Ecos:

Shut up your dirty mouth clueless zombie. I wonder the kind of senseless person you will be in real life. I know for sure that people around you will be avoiding you for your wickedness. You are such a pathetic and a sadist that derive joy in seeing people suffering. May God have mercy on your wretched soul

Ecos:

Shut up your dirty mouth clueless zombie. I wonder the kind of senseless person you will be in real life. I know for sure that people around you will be avoiding you for your wickedness. You are such a pathetic and a sadist that derive joy in seeing people suffering. May God have mercy on your wretched soul

Moh247:




CBN and Finance Ministry has different roles and are independent of each other

One handles Fiscal policy the other handles Monetary policy



.

Moh247:



If this is how your mother raised you then I wonder what your father most have gone through with her

The thread is about National currency, you are here seeking attention with childish insults

I hope your family are super proud of you, because you so much represent them

Try to be civilised and discuss intelligently because you are not a babarian or a forest dweller

Tueeh!!

tinsel:

And you think it is normal and proper for the chief economic officer of the nation to only know about this through the news media?
This is the reason this government is not doing well. There is no coordination and everybody in the government is trying to out smart each other.

Ecos:

You are a jobless and a senseless criminal t

Moh247:


Nigga rest... Fvck off my mention

Grow up and stop acting like a child

Let intelligent people discuss in peace

Ecos:

You are a jobless and a senseless criminal
Go and look for what to do with your wretched life instead of receiving generational curse because of 30k tueh

Moh247:


And if am not receiving any 30k from anyone may all the generational curses head to the people responsible to raise you for public decorum but failed and now you are constituting nuisance

Again fvck off my mention stop seeking childish attention

Moh247:


And if am not receiving any 30k from anyone may all the generational curses head to the people responsible to raise you for public decorum but failed and now you are constituting nuisance

Again fvck off my mention stop seeking childish attention

Ecos:

Shut up your dirty mouth clueless zombie. I wonder the kind of senseless person you will be in real life. I know for sure that people around you will be avoiding you for your wickedness. You are such a pathetic and a sadist that derive joy in seeing people suffering. May God have mercy on your wretched soul

edogu:

Must you insult him?

Ecos:

Shut up and face your front zombie

edogu:

You are welcome. It's not my fault that Nigeria happened to you. Please could you do me a favour and look for where you can transfer your frustration. I'm not the one behind your predicament.