CBN did not engage the Ministry of Finance regarding the proposed redesign of the Naira, according to Zainab Ahmed, the Minister of Finance.

Zainab Ahmed, the minister of finance, the budget, and national planning, has expressed her disagreement with the Central Bank of Nigeria intentions to redesign some Naira notes. Remember that the CBN governor, Godwin Emefiele, declared on Wednesday that the bank would redesign the N200, N500, and N1000 denominations and introduce the new notes on December 15, 2022. He also noted that as of January 31, 2023, the old notes would no longer be accepted as legal tender. Emefiele claimed that the measure was made to seize control of the currency in circulation, just as he asserted that the CBN would not permit the scenario to persist in which the majority of the country currency notes were kept outside bank vaults. However, Ms. Zainab Ahmed has distanced the Federal government from the plan. Vanguard reports that while speaking during the 2023 budget defense at the Nigerian Senate today October 28, Ahmed said if the redesigning is implemented, it would portend great consequences for the nation and its economy. During the interactive session with the lawmakers, Senator Bamidele had in his question told the Finance Minister that barely two days after the announcement of the policy by CBN, repercussion of it on the value of the Naira to the US dollar was being felt. Just two days after the announcement of the policy, the value of the Naira to the US dollar has risen from N740 to N788 to a US dollar due to a rush in exchange for starched Naira Notes for foreign currencies, particularly the dollar.   To me, the policy may be a well-conceived one, but the timing going by realities on the ground, is very wrong as the Naira may fall to as low as N1,000 to a US dollar before January 31, 2023, fixed for full implementation of the policy. While answering the question, the Minister said she was unaware of the policy but only heard of it from the media. Distinguished senators, we were not consulted at the Ministry of Finance by CBN on the planned Naira redesigning and cannot comment on it as regards merits or otherwise.  However as a Nigerian privileged to be at the top of Nigeria fiscal management, the policy as rolled out at this time portends serious consequences on the value of the Naira to other foreign currencies.   I will however appeal to this committee to invite the CBN governor for required explanations as regards the merits of the planned policy and rightness or otherwise of its implementation now. she was quoted as saying