The Central Bank of Nigeria (CBN) said that when it changed the look of three series of the naira, it did so in the right way.
Mr. Osita Nwanisobi, a spokesman for the central bank, said this in response to Zainab Ahmed, the Minister of Finance, Budget, and National Planning, who said that her ministry was not brought along.
When she went before a senate committee on Friday, the minister said that the process was wrong and that it was happening at the wrong time.
But Nwanisobi was surprised by what the minister said, and he emphasized that the CBN is still a very thorough organization.
According to Dailytrust, he said that the management of the CBN, in accordance with section 2(b), section 18(a), and section 19(a)(b) of the CBN Act 2007, had asked for and gotten written permission from President Muhammadu Buhari to redesign, make, release, and circulate new series of N200, N500, and N1,000 banknotes.
He asked Nigerians to support the project to change the currency, saying it was in their best interest as a whole. He also said that some people were stockpiling large amounts of banknotes outside the vaults of commercial banks.
He said that people who care about the country shouldn’t help this trend grow.
He also said that the country’s currency management was facing a number of problems that were getting worse and were a threat to the currency, the CBN, and the country as a whole.
Nwanisobi also said that every good Central Bank was dedicated to protecting the integrity of the local legal tender, the efficiency of its supply, and its effectiveness in the way monetary policy was run.
On the timing of the redesign project, Nwanisobi said that the CBN had even waited too long, since it had to wait 20 years to do a redesign and it was common for central banks around the world to redesign, print, and distribute new local legal tender every five to eight years.
The CBN spokesman reassured Nigerians that the currency redesign exercise was just a central bank exercise and wasn’t aimed at any specific group. He also said that he was hopeful that the effort would, among other things, help Nigeria move toward a cashless economy even though more eNairas are being printed. He said that this is on top of helping to stop terrorism and kidnappings by making it harder for people to get to the large amounts of money that are kept outside of the banking system and are used to pay ransoms.
Nwanisobi asked all Nigerians, no matter how important they were, to support the Naira redesign project because it was good for the economy as a whole.