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New Naira: CBN Didn’t Have to Inform You – Moghalu To Finance Minister

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New Naira: CBN Didn’t Have to Inform You – Moghalu To Finance Minister

A former presidential aspirant of the African Democratic Congress, Kingsley Moghalu, has criticized the statement by the Minister of Finance, Budget and National Planning, Zainab Ahmed, that she wasn’t aware of the Naira redesign by the Central Bank of Nigeria.

Recall that the the finance minister had distanced herself from the planned Naira redesign, which was announced by the CBN governor, Mr Godwin Emefiele, a few days back.

She had disowned the policy, saying that it didn’t receive the blessing of her ministry, and warned of the dire consequences.

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However, in a series of tweets on Saturday morning, Moghalu said that she shouldn’t mislead anyone into thinking the CBN owes her that kind of information.

Part of his tweets read: “Finance Minister Zainab Ahmed’s comment to @nassnigeria that she was not aware of the Naira redesign by @cenbank should not mislead anyone into thinking the CBN owes her that kind of information. The Bank only needs the approval of President @MBuhari for this particular exercise.

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“It received that approval. There are only three issues on which, in the CBN Act of 2007, the Bank should obtain external authorization, and only from the President of Nigeria, for its operations: 1. Any alterations to the legal tender (the Naira); 2. any investment of the Bank’s funds outside Nigeria; 3. the Bank’s annual report.”

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