The central bank of Nigeria (CBN) on Saturday stated it followed due process in its choice to redesign a few denominations of the naira, insisting that the exercise was twelve years overdue.
CBN made this recognized through its Twitter account, urging Nigerians to lower back the degree because it became within the normal interest of the nation.
that is coming after current remarks by way of Mrs Zainab Ahmed, the Minister of Finance, budget and national planning, that the ministry wasn’t consulted by using the CBN earlier than the selection turned into taken.
"CBN insists it followed the law, due process for Naira redesign, says exercise is 12 years overdue,”
"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.”
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