Nigeria’s Central Bank has responded to the minister of finance Zainab Ahmed, who revealed she was not consulted on the currency redesigning initiative.
TheCornet reports that the CBN announced it would redesign the N200, N500, and N1,000 denominations to enable it mop up excess liquidity in the economy and to take firm control of money supply.
Osita Nwanisobi, spokesperson for the CBN, said the Bank’s decision followed due process and it is in line with its powers as specified under Section 2(b), section 18(a), and section 19(a)(b) of the CBN Act 2007.
Nwanisobi, who spoke to a select group of journalists, reportedly urged Nigerians to support the policy as it is replete with benefits.
He added that the policy had been delayed by 20years and such conforms with the standards across the world.
Among other benefits, Nwanisobi said the policy would deepen the push for a cashless economy and help the production of the eNaira.
Other benefits, he said, are that the policy would help curb terrorism financing and large sums of money being kept outside the banking system.