On Saturday, the Central Bank of Nigeria (CBN) insisted that the redesign of several naira denominations had been delayed for twelve years and that it had been done in accordance with the law.
CBN announced this via its Twitter account and urged Nigerians to support the proposal because it was in the country’s best interests overall.
This follows previous claims that the ministry was not consulted by the CBN before the decision was made by Mrs. Zainab Ahmed, the Minister of Finance, Budget, and National Planning.
“CBN insists it followed the law, due process for Naira redesign, says exercise is 12 years overdue,” CBN tweeted.
“The CBN urges Nigerians to support the currency redesign project, which is in the overall interest of every citizen of 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.
“President Muhammadu Buhari approves redesign, production, and circulation of new series of N200, N500, and N1,000 banknotes.”
[…] recalls that in October 2022, Godwin Emefiele, the former CBN governor, unveiled plans to redesign the N200, N500, and N1,000 naira […]