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Zainab Shamsuna Ahmed CON the Ministry of Finance says CBN didn’t counsel us before redesigning Naira

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Daniella Thursday, 25 April 2024, 6:29 am

Zainab Shamsuna Ahmed CON the Ministry of Finance says CBN didnt counsel us before redesigning Naira — Zainab Shamsuna Ahmed CON the Ministry of Finance says CBN didn't counsel us before redesigning Naira

Zainab Ahmed, the Minister of Finance, Budget and National planning commissioner has removed herself from plans by the Central Bank of Nigeria to remake some Naira notes.

Vanguard reports that Ms. Zainab Ahmed has spaced the Federal government from the plan.

speaking in the conferences, the 2023 budget defense at the Nigerian Senate head-quarter today October 28, Minister Ahmed stated that if the redesigning is executed, it would cause great outcomes for the nation and its economy.

Senator Bamidele ask in his question told the Finance Minister that hardly two days after the declaration of the plans by CBN, the consequence of it on the value of the Naira to the US dollar was being felt, he said during a discussion session with the lawmakers

”Just two days after announcement of the policy , value of Naira to a US dollar has risen from N740 to N788 to a US dollar due to rush in exchange of starched Naira Notes for foreign currencies , particularly dollar.

To me , the policy may be a well conceived one , but the timing going by realities on 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.”

The Minister said she is not alert of the plans but only heard of it from the internet, she said While answering the question

”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’s fiscal management , the policy as rolled out at this time , portends serious consequences on value of Naira to other foreign currencies.

I will however appeal to this committee to invite the CBN governor for required explanations as regards merits of the planned policy and rightness or otherwise of its implementation now. “she was quoted as saying”