We only need presidential, not ministerial approval for naira redesign; CBN replies finance minister

The Central Bank of Nigeria has said the only approval it requires for its planned redesign of the naira is that of the President which it said it got.
This was in response to the Minister of Finance, Zainab Ahmed, who told lawmakers in Abuja on Friday that her ministry was not consulted before the apex bank announced its decision.
Spokesman for the CBN, Mr. Osita Nwanisobi, said the CBN followed the law and due process to carry out the exercise, which he said was even 12 years due.
He spoke with some journalists in Abuja and expressed surprise at the minister’s claim.
He added that the CBN remains a very thorough institution that follows due process in its policy actions.
Nwanisobi cited provisions of section 2(b), section 18(a), and section 19(a)(b) of the CBN Act 2007, which empowers the CBN to act so, adding that the approval of the president was duly sought and obtained.

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He said this was put into writing to redesign, produce, release and circulate new series of N200, N500, and N1,000 banknotes.
He said that currency management in the country had faced several escalating challenges which threatened the integrity of the currency.
He said the threat also affected the CBN, and the country, adding that every top-rate Central Bank was committed to safeguarding the integrity of the local legal tender, the efficiency of its supply, as well as its efficacy in the conduct of monetary policy.
Speaking on the timing of the redesign, Nwanisobi explained that the CBN had even tarried for too long considering that it had to wait 20 years to carry out a redesign, whereas the standard practice globally was for central banks to redesign, produce and circulate new local legal tender every five to eight years.
While assuring Nigerians that the currency redesign exercise was purely a central banking exercise and not targeted at any group, the CBN spokesman expressed optimism that the effort would, among other goals, deepen Nigeria’s push to entrench a cashless economy in the face of increased minting of the eNaira.

This, he said, was in addition to helping to curb the cases of terrorism and kidnapping due to access of persons to the large volume of money outside the banking system used as a source of funds for ransom payments.

Nwanisobi urged Nigerians to support the naira redesign project, stressing that it is for the greater good of the economy.