CBN naira notes

The Central Bank of Nigeria (CBN) has insisted that it followed the law and due process in the ongoing Naira notes redesigning exercise, which it said was ...

On the timing of the redesign project, Mr. This trend, he said, should not be encouraged by anyone who means well for the country. Furthermore, he noted that currency management in the country had faced several escalating challenges which threatened the integrity of the currency, the CBN, and the country, adding that every top-rate Central Bank was committed to safeguarding the integrity of the local legal tender, the efficiency of its supply, as well as its efficacy in the conduct of monetary policy.

The Minister of Finance, Budget and National Planning, Zainab Ahmad says she wasn't consulted on the Central Bank of Nigeria's planned naira.

The planned policy he added. He said that the action was taken in order to take control of the currency in circulation just as he posited that the bulk of the nation’s currency notes were outside bank vaults and that the CBN would not allow the situation to continue. Bamidele had in his question, told the minister that barely two days after announcement of the policy by CBN, repercussion of it on the value of Naira to US dollar was being felt.

The Central Bank of Nigeria (CBN) has replied the Minister of Finance, Budget and National Planning, Zainab Ahmed, claiming that it followed due process as ...

Reacting to the comment, CBN Spokesman Mr. Part of the reasons that was advocated is that it is one of the ways to mop up the liquidity to manage inflation. “But there are also consequences – we are looking at what the consequences will be.

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While assuring Nigerians that the currency redesign exercise was purely a central banking exercise and not targeted at any group, the CBN spokesman expressed optimism that the effort would, among other goals, deepen Nigeria’s push to entrench a cashless economy in the face of the increased minting of the eNaira. He stressed that currency management in the country had faced several escalating challenges, which threatened the integrity of the currency, the CBN, and the country, adding that every central bank would be committed to safeguarding the integrity of the local legal tender and the efficiency of its supply, as well as its efficacy in the conduct of monetary policy. According to him, the planned policy was in line with Section 19, sub-sections a and b of the CBN Act 2007, upon which the management of the CBN sought and obtained the approval of President Muhammadu Buhari to redesign, produce, and circulate new series of banknotes.

To avoid what may snowball into bitter inter-agency rivalry, the Central Bank of Nigeria (CBN) yesterday reacted to claims by the Minister.

On the timing of the redesign project, Nwanisobi explained that the CBN had even tarried for too long considering that it had to wait 20 years to carry out a redesign, whereas the standard practice globally was for central banks to redesign, produce and circulate new local legal tender every five to eight years. He also noted that currency management in the country had faced several escalating challenges, which threatened the integrity of the currency, the CBN, and the country, adding that every top-rate Central Bank was committed to safeguarding the integrity of the local legal tender, the efficiency of its supply, as well as its efficacy in the conduct of monetary policy. According to Nwanisobi, the management of the CBN, in line with provisions of Section 2(b), Section 18(a), and Section 19(a)(b) of the CBN Act 2007, had duly sought and obtained the approval of President Buhari in writing to redesign, produce, release and circulate new series of N200, N500, and N1,000 banknotes.

*Says he's convinced by reasons adduced by apex bank. *Stresses Nigeria stands to gain from exercise. Deji Elumoye in Abuja. President Muhammadu Buhari has ...

said the decision of the Central Bank of Nigeria (CBN) to launch new designs and replace high value Naira notes had his support and he was convinced that the nation will gain a lot by doing so. He said he did not consider the period of three months for the change to the new notes as being short. President Muhammadu Buhari has reacted to the plan by the Central Bank of Nigeria ( CBN) to redesign and replace N1,000, N500 and N200 notes, effective Decemebr 15.

President Buhari said reasons given to him by the CBN convinced him that the economy stood to benefit from the policy.

Good journalism costs a lot of money. The president said he did not consider the period of three months for the change to the new notes as being short. In response to the finance minister’s statement, Mr Emefiele said he got the permission of the president before announcing the policy.

A photo combination of President Buhari and CBN Governor, Godwin Emefiele. President Muhammadu Buhari says he is fully in support of the Central Bank of Nigeria ...

“Speaking in a Hausa radio interview with the famous journalist Halilu Ahmed Getso, and Kamaluddeen Sani Shawai to be aired Wednesday Morning on Tambari TV on Nilesat, President Buhari said reasons given to him by the CBN convinced him that the economy stood to benefit from the reduction in inflation, currency counterfeiting and the excess cash in circulation,” Mr Shehu said on Sunday. But in a statement by his media aide Garba Shehu, the President said he is “convinced that the nation will gain a lot by doing so”. President Muhammadu Buhari says he is fully in support of the Central Bank of Nigeria (CBN)’s move to redesign the naira notes.

President Muhammadu Buhari on Sunday said that the decision of the Central Bank of Nigeria (CBN) to launch new designs and replace high-value Naira notes ...

Speaking in a Hausa radio interview with the famous journalist Halilu Ahmed Getso, and Kamaluddeen Sani Shawai to be aired Wednesday Morning on Tambari TV on Nilesat, President Buhari said reasons given to him by the CBN convinced him that the economy stood to benefit from a reduction in inflation, currency counterfeiting and the excess cash in circulation. President Buhari in a statement by his Senior Special Assistant on Media and Publicity, Mallam Garba Shehu said he was convinced that the nation will gain a lot by doing so. President Muhammadu Buhari on Sunday said that the decision of the Central Bank of Nigeria (CBN) to launch new designs and replace high-value Naira notes has his support.