February 6, 2023

In response to the Minister of Finance, Budget and National Planning, Zainab Ahmad’s assertion that her ministry was not carried by the apex bank in the processes involving the redesigning of the new Nigerian currency, the spokesman for the CBN, Osita Nwanisobi, made this known on Friday night.

Channels TV expressed surprise at the minister’s claim, stressing that the CBN remains a very thorough institution that follows due process in its policy actions.

According to Nwanisobi, 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 banknotes.

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.

He 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.

Additionally, he pointed out that the country’s currency management had been confronted with a number of growing difficulties that undermined the credibility of the currency, the CBN, and the entire nation.

He continued by saying that every top-notch central bank was dedicated to preserving the reliability of the domestic legal tender, its effectiveness in conducting monetary policy, and the efficiency of its supply.

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