The Minister of Finance, Zainab Ahmed, said on Friday that the Central Bank of Nigeria did not consult her ministry before deciding to redesign naira notes by December.
She made the revelation during the Ministry of Finance, Budget, and National Planning’s budget debate in Abuja.
Even though one of the reasons for the decision is to manage inflation, the Minister stated that consequences are unavoidable.
“We were not consulted,” she said. “It was an announcement that we heard. Part of the reasons that was advocated is that it is one of the ways to mop up the liquidity to manage inflation.
“But there are also consequences – we are looking at what the consequences will be. There will be some benefits but there will be some challenges.
“And I don’t know whether the monetary authorities have actually looked very closely at what the consequences and how they will mitigate it.”