Restructuring of the Naira

The Central Bank of Nigeria Is Not Responsible to the Minister of Finance Regarding the Redesign of the Naira


The allegation made by the Minister of Finance, Zainab Ahmed, that the Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele should have contacted her before making the decision to redesign the Naira has been refuted by a socio-cultural organization known as the Ohanaeze Youths Movement. In a statement that was released on behalf of the organization, its communication director, Nzube Ugochukwu, said that Emefiele was not required to alert her because the central bank is not responsible to the ministry. The group pointed out that the top bank was had to do nothing more than request authorization from the president, which it did.

The following is an excerpt from the statement: "On Friday, the Minister of Finance, Budget and National Planning, Zainab Ahmed, declared that the Central Bank of Nigeria (CBN) did not carry her ministry along in its plan to redesign and roll out new N200, N500, and N1000 note effective December 15. The statement reads as follows: "On Friday, the Minister of Finance, Budget and National Planning, Zainab Ahmed." "Only the Central Bank of Nigeria (CBN) is authorized to print money that can be used legally in Nigeria. The Bank is the only institution that has the authority to decide how much currency should be released such that it is compatible with a number of other vital goals, most notably the maintenance of macroeconomic stability.

The Central Bank of the Nation does not answer to the Minister of Finance. It was not necessary for Emefiele to let her know. It was just necessary for him to request clearance from the president.


Also Read: The Nigerian civic organization HURIWA has called for the resignation of Central Bank Governor Emefiele.



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