CBN didn’t consult finance ministry on redesign of naira notes – Minister

The Minister of Finance, Zainab Ahmed, has said the Central Bank of Nigeria did not consult her ministry before taking the decision to redesign naira notes by December.

Ahmed made the disclosure on Friday during the budget debate of the Ministry of Finance, Budget and National Planning in Abuja.

The Minister said even though one of the reasons for the decision is to manage inflation, consequences are sure to follow.

She said, “We were not consulted. It was an announcement that we heard. Part of the reasons that was advocated is that it is one of the ways to mop up the liquidity to manage inflation.

“But there are also consequences – we are looking at what the consequences will be. There will be some benefits but there will be some challenges.

“And I don’t know whether the monetary authorities have actually looked very closely at what the consequences and how they will mitigate it.”