• About
  • Advertise
  • Contact
Saturday, May 31, 2025
  • Login
Vital News
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
Vital News
No Result
View All Result
Home Economy

CBN Insists On Redesigning N200, N500, N1,000 Banknotes, Says Law, Due Process Followed

Vital News by Vital News
October 29, 2022
in Economy
0
Share on FacebookShare on Twitter

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 has insisted on going ahead with the policy actions.

The said it followed the law and due process to carry out the exercise, which is 12 years due.

Speaking with newsmen in Abuja, on Friday night, spokesman of the CBN, Mr. Osita Nwanisobi, expressed surprise at the minister’s claim.

He stressed that the CBN remains a very thorough institution that follows due process in its policy actions.

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.

RelatedStories

Sidi Ould Tah Elected New President Of AfDB

President Tinubu Appoints Former Speaker, Yakubu Dogara As Chairman Of NCGC

National Sports Festival’s Impact on Ogun Economy Massive – Abiodun

Poverty Alleviation: TMSG Hails FG’s Fast-tracked Cash Transfer To 15 million Vulnerable Households

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.

He added 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.

Tags: CBNcirculateproduceredesign
Previous Post

2023 : LP Will Build Egalitarian, Free, Prosperous Nigeria – Obi

Next Post

Fashola, Al-Makura, Ogbe, Imam Head Directorates In Tinubu/Shettima ICC

Vital News

Vital News

RelatedStories

Sidi Ould Tah Elected New President Of AfDB
Economy

Sidi Ould Tah Elected New President Of AfDB

May 29, 2025
President Tinubu Appoints Former Speaker, Yakubu Dogara As Chairman Of NCGC
Economy

President Tinubu Appoints Former Speaker, Yakubu Dogara As Chairman Of NCGC

May 29, 2025
National Sports Festival’s Impact on Ogun Economy Massive – Abiodun
Economy

National Sports Festival’s Impact on Ogun Economy Massive – Abiodun

May 27, 2025
We Are Better Off Together, President Tinubu To Malian Leader
Economy

Poverty Alleviation: TMSG Hails FG’s Fast-tracked Cash Transfer To 15 million Vulnerable Households

May 19, 2025
Economy

Tinubu’s Nigeria First Policy, Unique, Revolutionary -TMSG

May 16, 2025
Next Post

Fashola, Al-Makura, Ogbe, Imam Head Directorates In Tinubu/Shettima ICC

We are Evacuating Families From Abuja, Not Diplomats - US

Abuja Not Saturated With Bombs - Police

Leave a Reply Cancel reply

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

Follow Us

Recommended

Appeal Court Discharges, Acquits Ex-CJN Onnoghen From False Assets Declaration Conviction

Appeal Court Discharges, Acquits Ex-CJN Onnoghen From False Assets Declaration Conviction

7 months ago

Curfew : Sokoto govt postpones school resumption by one week

3 years ago
JAMB Suspends Admission Into Law Programme Of  KWASU, Redeemers University, Four Others

JAMB Suspends Admission Into Law Programme Of KWASU, Redeemers University, Four Others

4 months ago
Ogun NIPR To Honour Lemo, Akinmade, Others At 2023 Colloquium

Ogun NIPR To Honour Lemo, Akinmade, Others At 2023 Colloquium

2 years ago

Instagram

    Please install/update and activate JNews Instagram plugin.

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

Topics

Abiodun Abuja APC arrest Atiku Bandits Bello Benue Buhari CBN Court Dangote death drugs Economy EFCC Election elections FG Fraud gunmen Hajj INEC Kano kidnap Kill Kogi Kwara Lagos NDLEA Niger Nigeria Ododo Ogun Oyo PDP Police Power refinery rescue road Security Senate students Tinubu
No Result
View All Result

Highlights

NGF Expresses Sympathy, Solidarity As Flood Devastates Mokwa Community In Niger State

21 Die, 10 Missing In Niger Flood Disaster

Sidi Ould Tah Elected New President Of AfDB

President Tinubu Appoints Former Speaker, Yakubu Dogara As Chairman Of NCGC

Midterm Performance : Taraba State Rated Least In IGR, Good Governance

School Wall Collapses On Students Writing WAEC In Taraba

Trending

Death Toll From Niger Flood Disaster Rises To 115,  Many Still Missing – NSEMA
Environment

Death Toll From Niger Flood Disaster Rises To 115, Many Still Missing – NSEMA

by Vital News
May 30, 2025
0

The Niger State Emergency Management Agency (NSEMA) says death toll from the flood disaster that recently ravaged...

INEC Fixes July 20 And  August 8, 2026 For Ekiti, Osun Governorship Elections

INEC Fixes July 20 And August 8, 2026 For Ekiti, Osun Governorship Elections

May 30, 2025
Kwara Community Unites Against Female Genital Mutilation, Declares Zero Tolerance

Kwara Community Unites Against Female Genital Mutilation, Declares Zero Tolerance

May 30, 2025
NGF Expresses Sympathy, Solidarity As Flood Devastates Mokwa Community In Niger State

NGF Expresses Sympathy, Solidarity As Flood Devastates Mokwa Community In Niger State

May 30, 2025
21 Die, 10 Missing In Niger Flood Disaster

21 Die, 10 Missing In Niger Flood Disaster

May 29, 2025
ADVERTISEMENT
Vital News

Vital News is an online newspaper with a mission to uphold professional journalism by reporting and publishing only facts and figures-based news reports across Nigeria and beyond.

Recent News

  • Death Toll From Niger Flood Disaster Rises To 115, Many Still Missing – NSEMA May 30, 2025
  • INEC Fixes July 20 And August 8, 2026 For Ekiti, Osun Governorship Elections May 30, 2025
  • Kwara Community Unites Against Female Genital Mutilation, Declares Zero Tolerance May 30, 2025

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

© 2022 Vital News - . All Rights Reserved.

No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security

© 2022 Vital News - Vital News by Vital News.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

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

Log In