CBN insists it followed due process, law for Naira redesign - The Source

ADVERTISEMENT
  • Landing Page
  • Shop
  • Contact
  • Buy JNews
  • Login
The Source
  • Home
  • News
  • Politics
  • Education
  • Entertainment
  • Opinions
  • Business
  • Sports
  • Crime
  • World News
  • Parliament
No Result
View All Result
  • Home
  • News
  • Politics
  • Education
  • Entertainment
  • Opinions
  • Business
  • Sports
  • Crime
  • World News
  • Parliament
No Result
View All Result
The Source
No Result
View All Result
Home News

CBN insists it followed due process, law for Naira redesign

The Source by The Source
October 29, 2022
in News
0
CBN insists it followed due process, law for Naira redesign
0
SHARES
26
VIEWS
Share on Facebookshare on whatsappShare on Twitter

[ad_1]

In an apparent response to claims by the Minister of Finance, Budget and National Planning, Zainab Ahmad, that her ministry was not carried along by the Central Bank of Nigeria (CBN), in the ongoing process of redesigning three series of the Naira, the Bank insists it followed the law and due process to carry out the exercise, which is 12 years due.

Speaking with a group of newsmen in Abuja, the spokesman of the CBN, Mr. Osita Nwanisobi, expressed surprise at the minister’s claim, stressing that the CBN remains a very thorough institution that follows due process in its policy actions.

ALSO READ FROM NIGERIAN TRIBUNE

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 Muhammadu Buhari in writing to redesign, produce, release and circulate new series of N200, N500, and N1,000 banknotes.

However, 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.

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.

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.

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 will, among other goals, deepen Nigeria’s push to entrench a cashless economy in the face of increased minting of the eNaira.

This, he said, is in addition to helping to curb the incidents of terrorism and kidnapping due to access of persons to the large volume of money outside the banking system used as a source of funds for ransom payments.

Nwanisobi therefore urged Nigerians, irrespective of their status, to support the Naira redesign project, as it is for the greater good of the economy.

[ad_2]

Be the first to read it our next BREAKING NEWS, POLITICS, METRO. Click here to join our WhatsApp group

Previous Post

NDPB boss, Olatunji harps on data protection, consumer rights 

Next Post

Atiku meets with US State Department officials

The Source

The Source

Related Posts

Osun’s Community Of Sad, Failed Men By Bola Boladale
News

Time for FG to release Osun LG funds

by The Source
July 26, 2025
Oyebanji Debunks Wife’s Health Rumours
News

Oyebanji Debunks Wife’s Health Rumours

by The Source
July 26, 2025
Plant A Future Memorial Initiatives: Ife Stakeholders Told To Immortalise Ijiwoye
News

Plant A Future Memorial Initiatives: Ife Stakeholders Told To Immortalise Ijiwoye

by The Source
July 26, 2025
Attack On Ojukwu’s Wife: Ohanaeze Gives Obiano Ultimatum
News

N4bn Fraud: Court Fixes for Obiano’s Trial

by The Source
July 25, 2025
Pastor Adeboye Donates Dialysis Centre to OAUTHC Wesley Guild, Ilesa
News

Pastor Adeboye Donates Dialysis Centre to OAUTHC Wesley Guild, Ilesa

by The Source
July 25, 2025
Next Post
PDP has what it takes to win across Nigeria in 2023, South-East is key , Group South-East Atiku Abia,I'll consider government of national unity if elected, Atiku/Wike feud in fresh move,Atiku pleads with KenyansAtiku pleads with Kenyans

Atiku meets with US State Department officials

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Browse by Category

  • Africa News
  • Business
  • Celebrities
  • Crime
  • Economics
  • Education
  • Entertainment
  • Health
  • HumanAngle
  • News
  • Opinions
  • Parliament
  • Politics
  • Religion
  • Sports
  • Uncategorized
  • World
  • World News

Browse by Tags

Abuja Adeleke APC Aregbesola Atiku Bandits Buhari CBN Chelsea Court Davido EFCC EndSARS FG FIRS Governor Governor Adeleke Health IGP INEC Kaduna Lagos Muslims Nigeria Nigerian Nigerians NUJ Ondo Ooni Osinbajo Osogbo Osun Osun 2022 Osun govt Osun Poly Osun State Oyetola PDP Police SDP Senate Students Tinubu Tunde Odesola US

Categories

  • Africa News
  • Business
  • Celebrities
  • Crime
  • Economics
  • Education
  • Entertainment
  • Health
  • HumanAngle
  • News
  • Opinions
  • Parliament
  • Politics
  • Religion
  • Sports
  • Uncategorized
  • World
  • World News

Browse by Tag

Abuja Adeleke APC Aregbesola Atiku Bandits Buhari CBN Chelsea Court Davido EFCC EndSARS FG FIRS Governor Governor Adeleke Health IGP INEC Kaduna Lagos Muslims Nigeria Nigerian Nigerians NUJ Ondo Ooni Osinbajo Osogbo Osun Osun 2022 Osun govt Osun Poly Osun State Oyetola PDP Police SDP Senate Students Tinubu Tunde Odesola US

Recent Posts

  • Osun 2026: Coalition of CSOs Backs Ajibola Bashir
  • Late Ooni Sijuwade: A Legacy of Diplomacy and Development – Lowa Adimula of Ile-Ife
  • ADC Woos North Ahead 2027 Elections

© 2022 The Source Nigeria.

No Result
View All Result
  • Home
  • News
  • Politics
  • Education
  • Entertainment
  • Opinions
  • Business
  • Sports
  • Crime
  • World News
  • Parliament

© 2022 The Source Nigeria.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In