Reason Emefiele doesn’t need to inform finance minister before changing naira notes

Kingsley Moghalu, a one time deputy governor of the Central Bank of Nigeria (CBN), has shown his support for the bank’s decision to redesign some of the country’s currency notes. Informaion Guide Nigeria

He also said the bank does not need the permission of the finance ministry or any other agency of government before making such a decision. PREMIUM TIMES reports.

He made the statement in an interview with Channels Television yesterday.

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The CBN Governor, Godwin Emefiele, on Wednesday, said the bank arrived at the decision to redesign N100, N200, N500 and N1000 denominations, following a request from the federal government.

“They were affirming their statutory responsibility as the sole institution responsible for the issuance and management of the legal tender currency of Nigeria which is the naira. Note the emphasis on sole institutions, that responsibility is not shared with anyone else. So the CBN is doing its job in saying they have come to a judgement that the time has come to redesign the naira notes and there are a number of reasons behind that which I’m sure we will discuss.“The ministry of finance does not supervise the CBN. It is part of the offices that supervise the economy. The Ministry of Finance, the Central Bank of Nigeria national planning, the Ministry of Trade, Industry, and Investment. These are all parts of the government but the Central Bank of Nigeria, as the central bank of most civilised nations is or should be independent of any external influence. So, this is the context in which you will have to see what is going on. Jamb Result “The central bank fulfilled the requirements of it, which under the Act is that you cannot change the currency of the country without approval from the President. They sort the approval and they got it. And so I think they were well within their rights,” he said.

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