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We Followed Due Process For Naira Redesign; Exercise Is 12 Years Overdue, Central Bank Of Nigeria Insists

Naira
October 30, 2022

Nigeria's apex bank, while defending its decision to redesign N200, N500 and N1,000 notes, on Saturday evening stated on its Twitter account that the redesign of the naira was 12 years overdue.

The Central Bank of Nigeria (CBN) has insisted that it followed the law and due process in its decision to redesign some of Nigeria’s naira notes.

 

Nigeria's apex bank, while defending its decision to redesign N200, N500 and N1,000 notes, on Saturday evening stated on its Twitter account that the redesign of the naira was 12 years overdue.

 

The CBN Governor, Godwin Emefiele, on Wednesday announced the apex bank's plan to redesign some naira notes but the decision has generated a backlash since it was announced. 

 

In defence, CBN spokesman, Mr. Osita Nwanisobi, said the decision of the management of the CBN is in line with provisions of section 2(b), section 18(a), and section 19(a)(b) of the CBN Act 2007, and that the management of the bank 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 apex bank said, “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.

 

“CBN had 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.”

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Finance