Currencies
New Naira Note: We Followed Due Process – CBN
The Central Bank of Nigeria (CBN) on Saturday announced that it followed due process in its decision to redesign some denominations of the naira, insisting that the exercise was twelve years overdue.
The CBN made this known via its Twitter account, urging Nigerians to back the measure as it was in the overall interest of the nation.
This is coming after recent comments by Mrs Zainab Ahmed, the Minister of Finance, Budget and National Planning, that the ministry wasn’t consulted by the CBN before the decision was taken.
“CBN insists it followed the law, due process for Naira redesign, says exercise is 12 years overdue,” CBN tweeted.
“The CBN urges Nigerians to support the currency redesign project, which is in the overall interest of every citizen of the country.
“CBN had 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.
“President Muhammadu Buhari approves redesign, production, and circulation of new series of N200, N500, and N1,000 banknotes.”
-
News5 hours ago
Nigerians React As Peter Obi Joins Muslims To Break Ramadan Fast At Abuja Mosque
-
News5 hours ago
Security Agents Are Aware Of Bandits’ Hideouts, They Accompany … – Gumi
-
News5 hours ago
Breaking: President Tinubu Makes Fresh Appointment
-
Entertainment5 hours ago
Rose Hanbury responds to allegations she had an affair with Prince William and that’s what destroyed her relationship with Kate Middleton
-
News5 hours ago
Tinubu Govt Eyes Fresh $1bn World Bank Loan For IDPs
-
News4 hours ago
Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 19th March 2024
-
News4 hours ago
Students Loan: NANS Proposes Five-Year Post-NYSC For Repayment
-
News4 hours ago
Petrol Price To Crash As PH Refinery Commences Operation – IPMAN