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Naira redesign: FG distances self from protection, warns CBN of consequences

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The Minister of Finance, Budget and National Planning, Zainab Ahmed, has distanced herself from the deliberate naira redesign, which was launched by the Central Bank governor, Mr. Godwin Emefiele, 48 hours prior to now.

The Minister, who disowned the protection, acknowledged it doesn’t acquire the blessing of the Ministry of Finance and warned of the dire consequences.

Reacting to questions from Senator Bamidele Opeyemi representing Ekiti Central Senatorial district on Friday on the National Assembly, the place she appeared sooner than the Senate Committee on Finance for the 2023 funds defence of the ministry, the minister maintained that the protection is also good, nonetheless approaching the unsuitable time.

Opeyemi acknowledged the pronouncement might need triggered a rise in naira to US {{dollars}} in phrases of value, offered that naira has jumped from N740 to N788 to a US buck in consequence of rush in commerce of stashed funds.

Opeyemi acknowledged: “To me, the policy may be well conceived, but the timing going by realities on ground is very wrong as the Naira may fall to as low as N1,000 to a US dollar before January 31, 2023 fixed for full implementation of the policy”, he acknowledged.

Responding, the Minister acknowledged, she study the knowledge throughout the media and has nothing to do with it.

“Distinguished Senators, we weren’t consulted on the Ministry of Finance by the CBN on the deliberate Naira redesigning and may’t contact upon it as regards deserves or in another case.

“However, as a privileged Nigerian on the prime of Nigeria’s fiscal administration, the protection as rolled out in the meanwhile, portends extreme consequences on the value of Naira to completely different overseas foreign money.

“I will, however, appeal to this Committee to invite the CBN governor for required explanations as regards merits of the planned policy and rightness or otherwise of its implementation now,” she acknowledged.

Naira redesign: FG distances self from policy, warns CBN of consequences

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