From Fred Itua, Abuja
A socio-cultural association known as the Ohanaeze Youths Movement has faulted the assertion by the Minister of Finance, Zainab Ahmed, that the Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, should have consulted her before deciding to redesign the naira.
The association in a statement signed by its information director, Nzube Ugochukwu, said Emefiele didn’t have to inform her, as the apex bank is not answerable to the ministry.
It noted that the apex bank only needed to seek presidential clearance which it did, adding that the Minister’s reaction is reckless and irresponsible.
The statement reads: “On Friday the Minister of Finance, Budget and National Planning, Zainab Ahmed declared that the Central Bank of Nigeria (CBN) did not carry her Ministry along in its plan to redesign and roll out new N200, N500 and N1000 notes effective December 15.
“CBN has the sole authority to issue legal tender currency in Nigeria. The Bank alone is able to determine the quantum of currency to release as to align with other critical objectives, particularly macroeconomic stability.
“The CBN does not report to the Minister of Finance. Emefiele didn’t have to inform her. He only needed to seek presidential clearance which he did. Her reaction is reckless and irresponsible.”