Naira Redesign: CBN does not owe finance Ministry any information, only needs approval from Buhari – Moghalu

A former Deputy Governor of the Central Bank of Nigeria, 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.

Zainab had during a meeting with the senate disowned the policy, saying that it didn’t receive the blessing of her ministry, and warned of the dire consequences.

Reacting to this in a series of tweets on Saturday morning, Moghalu said that the minister shouldn’t mislead anyone into thinking the CBN owes her that kind of information adding that the bank only needs approval from the President.

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.

“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.”