The move, according to CBN Governor Godwin Emefiele, was made to combat terrorism financing and public hoarding of banknotes because figures showed that over 85 percent of the currency in circulation was not stored in commercial banks’ vaults.
Ahmed, responding to that said she was not aware of the policy but only heard of it from the media.
“Distinguished senators, we were not consulted at the Ministry of Finance by CBN on the planned naira redesigning and cannot comment on it as regards merits or otherwise.
“However as a Nigerian privileged to be at the top of Nigeria’s fiscal management, the policy, as rolled out at this time, portends serious consequences on the value of the naira to other foreign currencies.
“I will, however, appeal to this committee to invite the CBN governor for required explanations as regards merits of the planned policy and rightness or otherwise of its implementation now,” she said.
Contrary to her opinion, President Muhammadu Buhari confirmed his support for the Central Bank of Nigeria’s decision to launch new designs and replace high-value Naira notes.
He noted that the nation would gain a lot from the new initiative, especially its impact on illicit monies.
The President’s Senior Special Assistant on Media and Publicity, Garba Shehu, in a statement titled ‘CBN has my backing in replacing Naira notes, says President Buhari.’
According to the statement, “Buhari said reasons given to him by the CBN convinced him that the economy stood to benefit from a reduction in inflation, currency counterfeiting and the excess cash in circulation.
What is in the fire burner on the issue is the calls by many Nigerians for Ahmed to resign if she does not know the simple working synergy between the CBN, Ministry of finance and the Presidency.
Bashir in his views, chided the Minister to have pushed the country to a faulty policy because of the unmerited appointment by President Muhammadu Buhari.
