In response to claims by the minister of finance, budget and National planning Zainab Ahmad, that her ministry was not carried along by the CBN in the ongoing process of redesigning three series of the naira. The bank insists it follows the law and due process of the banking protocol to carry out the exercise which is 12 years due.
The CBN spokesman, Mr Osita NWanisobi was surprised by the minister’s claim, stating that the CBN remains a true institution that follows due process in its policy action. Nwanisobi claims the management of the CBN, in line with provision of section 2(b), section 18(a), section 19(a) (b) of the CBN act 2007.
Had obtained approval from the Nigerian President Major General Muhammadu Buhari in redesign, produce, release and to circulate new series of N200, N500 and N1000 new banknotes. While assuring nigerians that the currency redesign exercise are not targeted to any group or institutions.
He discloses that among other goals, deepens Nigeria’s push to entrench a cashless economy in the face of increased minting of e-naira. This he said was to help to check the incidents of kidnapping and terrorism due to access of people to the large volume of money outside the banking system used as a source of funds for ransom payment.
Nwanisobi therefore, urged Nigerian irrespective of their various status or class to joins hand with CBN towards the naira redesign project as it will yield a good result at the end.
More news will be updated soon……