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The Central Bank of Nigeria, CBN, has said it has duly sought and obtained the approval of President Muhammadu Buhari in writing to redesign, produce, release and circulate new series of N200, N500, and N1,000 banknotes.
The apex bank also said it had followed due process as far as redesigning three series of the naira is concerned.
Spokesman of the CBN, Osita Nwanisobi, said this while responding to the Minister of Finance, Budget and National Planning, Zainab Ahmed, who said her ministry was not carried along.
When she appeared before a senate committee on Friday, the minister had faulted the process, which she described as ill-timed.
But Nwanisobi expressed surprise at the minister’s claim, stressing that the CBN remains a very thorough institution.
He said 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.
Urging Nigerians to support the currency redesign project, he said it was in the overall interest of Nigerians, reiterating that some persons were hoarding significant sums of banknotes outside the vaults of commercial banks.
