President Buhari Approves The Re-Denomination Of The Naira, The CBN Responds To The Minister Of Finance Zainab Ahmad  The Central Bank of ...

 President Buhari Approves The Re-Denomination Of The Naira, The CBN Responds To The Minister Of Finance Zainab Ahmad

 The Central Bank of Nigeria, CBN, said that in compliance with the law, it has requested President Muhammadu Buhari, and received his approval in writing, to redesign, produce, supply and distribute the new banknotes of N200, N500, and N1.000. The central bank also said that it has followed the proper process in reforming the Naira note.

 The spokesperson of the Central Bank of the CBN, Osita Nwanisobi stated this when he was responding to the Minister of Finance, Budget and National Planning, Zainab Ahmed, where she said that her ministry was not contacted when the launch of the system is not.

When she appeared before the senate committee on Friday, the minister rejected the plan, which she described as not compatible with the current situation.

However, Nwanisobi expressed his surprise at the minister's claim, stressing that the CBN is an institution that follows the rules.

He said the CBN Board of Directors has used the provisions of section 2(b), section 18(a) and section 19(a) (b) of the CBN Act of 2007.

 Calling on Nigerians to support the reform of the country's currency, the speaker said that it is beneficial for all citizens, stressing that some people are hoarding large sums of money outside the vaults of commercial banks.

 This issue, according to him, should not be encouraged by anyone who means good for the country.