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Finance Minister Opposes Naira Redesign Plan, Raises Alarm On Consequences

Finance Minister Opposes Naira Redesign Plan, Raises Alarm On Consequences

Zainab Ahmed, the Minister of Finance, Budget and National Planning, has rejected a plan by the Central Central Bank of Nigeria (CBN) to redesign naira, warning the apex bank of its consequences on the country’s troubled economy.
Ahmed expressed her opposition to the policy in response to a question raised by Senator Opeyemi Bamidele during the 2023 budget defense session she had with the Senate Committee on Finance.

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The Minister warned CBN of the consequences that may arise from the exercise.

Senator Bamidele had in his question, told the Finance Minister that barely two days after the announcement of the policy by CBN, repercussions of it on the value of naira to the US dollar was being felt.

Recall that the CBN Governor, Godwin Emefiele had Wednesday dropped the hint, revealing that the incoming exercise would redesign the Nigerian currency, starting from N200 denomination to N1,000 notes.