Naira Redesign: Finance Minister warns on consequences..

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The Minister of Finance, Budget and National Planning, Zainab Ahmad, has expressed caution on the Naira Redesign policy announced by the Central Bank.
The Minister stated this while fielding questions from members of the Senate committee on Finance during the 2023 budget presentation of the Ministry.
She warned the Central Bank of Nigeria CBN of the consequences that may arise from the policy on value of Naira to other foreign currencies.
The finance Minister told the lawmakers that her Ministry was not aware of the policy but only heard of it from the media
Hajia Zainab Ahmed appealed to the committee to invite the CBN governor for more explanations regarding merits of the planned policy and rightness or otherwise of its implementation.
The CBN Governor , Godwin Emefiele had on Wednesday said that the apex bank would redesign the country’s currency from 200 Naira denomination to N1,000 notes
He said that the action was taken to take control of the currency in circulation adding that the bulk of the nation’s currency notes were outside bank vaults adding that the CBN would not allow the situation to continue.

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