{"id":100781,"date":"2022-10-28T18:54:34","date_gmt":"2022-10-28T17:54:34","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=100781"},"modified":"2022-10-28T18:54:34","modified_gmt":"2022-10-28T17:54:34","slug":"naira-redesign-finance-minister-disowns-policy-warns-cbn-of-consequences","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/exclusive\/naira-redesign-finance-minister-disowns-policy-warns-cbn-of-consequences\/","title":{"rendered":"Naira\u00a0 Redesign : Finance\u00a0 Minister disowns policy, warns CBN of consequences\u00a0"},"content":{"rendered":"<div dir=\"auto\">Forty Eight\u00a0 hours after announcement of Naira redesign fixed for December 15, 2022 by the Central Bank of Nigeria (CBN), the Minister of Finance , Budget and National Planning , Zainab Ahmad , has\u00a0 disowned the policy .<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">The Minister who commented on the policy in response to question raised by Senator Opeyemi Bamidele (APC Ekiti Central) during 2023 budget defence session she had with the Senate Committee on Finance , warned CBN of consequences that may arise from it .<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">Senator Bamidele had in his question , told the Finance Minister that barely two days after announcement of the policy by CBN , repercussion of it on the value of Naira to US dollar was being felt .<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">&#8220;Just two days after announcement of the policy , value of Naira to a US dollar has risen from N740 to N788 to a US dollar due to rush in exchange of stashed Naira Notes for foreign currencies , particularly dollar .<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">&#8221; To me , the policy may be a well conceived one , but the timing going by realities on ground , is very wrong as the Naira may fall to as low as N1,000 to a US dollar before January 31, 2023 fixed for full implementation of the policy &#8220;, he said .<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">Surprisingly the Minister in her response said she and her ministry, are not aware of the policy but only heard of it from the media .<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">&#8220;Distinguished Senators , we were not consulted at the Ministry of Finance by CBN on the planned Naira redesigning and cannot comment on it as regards merits or otherwise .<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">&#8220;However as a Nigerian privileged to be at the top of Nigeria&#8217;s fiscal management, the policy as rolled out at this time , portends serious consequences on value of Naira to other foreign currencies.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">&#8220;I will however appeal to this committee to invite the CBN governor for required explanations as regards merits of the planned policy and rightness or otherwise of its implementation now &#8220;, she said .<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">The CBN Governor, Godwin Emefiele\u00a0 had on Wednesday said that the apex bank would redesign the country\u2019s currency from 200 Naira denomination to N1,000 notes .<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">He said that the action was taken in order to take control of the currency in circulation just as he posited that\u00a0 the\u00a0 bulk of the nation\u2019s currency notes were outside bank vaults and that the CBN would not allow the situation to continue.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">The planned policy he added, was\u00a0 in line with Sections 19, Subsections a and b of the CBN Act 2007, upon which the Management of the CBN sought and obtained the approval of President Muhammadu Buhari to redesign, produce, and circulate new series of banknotes at N200, N500, and N1,000 levels.<\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Forty Eight\u00a0 hours after announcement of Naira redesign fixed for December 15, 2022 by the Central Bank of Nigeria (CBN), the Minister of Finance , Budget and National Planning ,&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":100782,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-100781","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"<!-- This site is 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