Buhari supported naira redesign, says CBN

The Central Bank of Nigeria (CBN) has said that the law and due process have been followed in the ongoing redesigning exercise of Naira notes.

The CBN said the the ongoing redesigning exercise of Naira notes was 12 years due.

The apex bank in Nigeria has made its position known in a note forwarded to the media this morning.

This came as an apparent response to opinions of the Minister of Finance, Budget and National Planning, Zainab Ahmad, that her ministry was not involved or even carried along by the mother of all banks in the redesigning exercise.

The spokesman of the bank, Mr Osita Nwanisobi, said the claim of the finance minister came as a surprise, reaffirming that the apex financial Institution in the country is a very thorough one which follows guiding law and due process in its policy actions.

The spokesperson said, “The Management of the CBN, in line with provisions of section 2(b), section 18(a), and section 19(a)(b) of the CBN Act 2007, had duly sought and obtained the approval of President Muhammadu Buhari in writing to redesign, produce, release and circulate new series of N200, N500, and N1,000 banknotes.”

He advised Nigerians to lend their support to the redesigning exercise, because it was for the overall benefit of all Nigerians.

He also added some people were were hoarding substantial amounts of banknotes outside the vaults of Nigerian commercial banks, which would not be of advantage to Nigerian people.

He further said that the currency redesign project “is for the greater good of the economy.”