Why Finance Minister is against redesigning of Nigeria’s currency, Naira

Nigeria’s Minister of Finance, Budget and National Planning of Africa’s most populous country- Nigeria, Zainab Ahmed, has given reasons why she is not in support of the redesigning of the country’s currency.

Confiance News gathered from a Witness report on Tuesday.

In the report, the Minister warned Nigeria’s apex monetary authority- the Central Bank of Nigeria (CBN) over the impending consequences of the exercise.

“The policy as rolled out at this time , portends serious consequences on value of Naira to other foreign currencies,” she lamented.

Confiance News learnt that the CBN Governor, Godwin Emefiele had on October 26, disclosed the intention of the apex bank (CBN) to redesign the Naira, starting from N200 denomination to N1,000 notes on December 15- a decision Ahmed denied being aware of.

Confiance News also gathered that the Naira had recorded a consecutive fall against the dollar since the news broke.