The Federal Ministry of Finance is the government body that manages the finances of the Federal Government of Nigeria, including managing, controlling and monitoring federal revenues and expenditures. However, the Minister says she was never consulted over the Central Bank of Nigeria’s plans to Redesign the naira notes.
Upon appearance before the Senate’s Committee on Finance at the National Assembly to Defend Budget Estimates for her Ministry , The Minister of Finance Budget and National Planning, Zainab Ahmed disclosed that she was never consulted over the Central Bank of Nigeria’s plans to Redesign the naira notes.
This revelation came forty eight hours after the official announcement by the CBN Governor, Godwin Emefiele which takes effect from the 15th of December this year .
She told lawmakers that she was unaware of such Plans by the CBN and got a wind of the information after the announcement was made by the Apex Bank .
However, it was acknowledged that it may be the CBN’s strategy to control the rising inflation but also warns that it may come with its own Consequences.
She added that , 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.
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