By Muhammed Abubakar, Reporting
THE Minister of Finance, Zainab Ahmed, says the Central Bank of Nigeria did not consult her ministry before taking the decision to redesign naira notes by December.
She made the disclosure on Friday during the budget debate of the Ministry of Finance, Budget and National Planning in Abuja.
She said although one of the reasons for the decision was to manage inflation, there are consequences that would follow.
“We were not consulted,” she said. “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.”
Governor of CBN, Godwin Emefiele, had, during the week announced the redesign of the naira notes: N100, N200, N500 and N1,000 notes.
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