Naira redesign followed due process – CBN

The Central Bank of Nigeria (CBN) said it followed due process in its decision to redesign some denominations of the naira, adding that the exercise was 12 years overdue.

The apex bank made this known via its verified twitter account on Saturday, urging Nigerians to support the measure as it was in the overall interest of the country.

The reaction is coming after recent comments by Minister of Finance Budget and National Planning, Mrs Zainab Ahmed, that the ministry was not consulted by the CBN before the decision was taken.

The CBN said the measure was in line with provisions of sections 2 and 19 of the CBN Act.

“The management of the CBN had duly sought and obtained the approval of President Muhammadu Buhari in writing to redesign, produce, release and circulate new series of N200, N500 and N1,000 banknotes.

“The CBN urges Nigerians to support the currency redesign project, which is in the overall interest of every citizen of the country.

“The hoarding of significant sums of banknotes outside the vaults of commercial banks should be discouraged by anyone who means well for the country,” it said.

According to the CBN, it had tarried for too long considering that it had to wait 20 years to carry out a redesign.

“The standard practice globally was for central banks to redesign, produce and circulate new local legal tender every five to eight years,” it said.