Lack of Communication: Nigerians React As Minister of Finance Rejects CBN’s Plan To Redesign Naira

Lack of Communication: Nigerians React As Minister of Finance Rejects CBN’s Plan To Redesign Naira

  • Zainab Ahmed, minister of finance, budget and national planning has blasted the Central Bank of Nigeria (CBN)
  • The statement in which the minister said the ministry was not consulted before the CBN decided to redesign some naira notes is causing uproar among Nigerians on social media
  • Recall that Godwin Emefiele, CBN governor, had announced that the bank had redesigned some naira notes in the denomination of N200, N500 and N1000

The minister of Finance, Budget and National Planning, Zainab Ahmed expressed reservations with the redesigning of some naira denominations by the Central Bank of Nigeria (CBN).

This has also drawn reactions from many Nigerians who lambasted the federal government for not putting its house in order.

Nigerians blast FG over naira redesign
Nigerians react as minister of finance rejects CBN's plan to redesign naira. Photo credit: Bayode Adelakun
Source: Twitter

Recall that the CBN recently announced that it would start circulating newly redesigned N100, N200, N500 and N1000 naira notes from December 15.

Read also

Naira redesign: CBN or finance minister? Buhari finally speaks on his position

CBN governor, Godwin Emefiele, said the move was to counter terrorism financing, hoarding of banknotes by members of the public, with statistics showing that over 85 per cent of monies in circulation were outside the vaults of commercial banks.

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In reaction, Ahmed said her ministry was not consulted on the CBN move, warning that the new policy may have grave consequences on the value of naira to other foreign currencies.

However, many Nigerians said the development is an embarrassment to the federal government.

In his reaction, a Nigerian on social media, Omotosho Oluwabusuyi Oladotun Emmanuel claimed the development is a show of same that should have happened.

Musa Alhassan also wrote:

"I'm not surprised at the response of the minister of finance. When you have an uncoordinated government, one should be ready to see all sort of confusion.

Read also

Naira plummets to record low as CBN, Finance Minister bicker over naira's redesign

PMB gave the approval without consulting the relevant ministry. He only knows how to use the word consulting when committee of vice chancellors made him regarding to withheld salary of ASUU because he likes inflicting pain on his citizens. Power is transient. May we have a better leader in 2023."

Olusola Adinlewa added:

"The government is aware of the move.They are just pretending.CBN can not just start the process without the president approval."

Powerful PDP senator reveals how Buhari changed Naira's face in 1984, gives unthinkable reason

Shehu Sani, a former senator and ex-governorship aspirant in the Peoples Democratic Party (PDP) primary in Kaduna, has reacted to the recent announcement of the Central Bank of Nigeria (CBN) to change the face of the country’s currency.

Sani said President Muhammadu Buhari changed the face of naira notes when he was the military head of state in 1984.

The former senator who represented Kaduna central in the eighth Senate said Buhari’s reason for redesigning the country’s currency was because of the economic instability the country was experiencing.


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