Zainab Ahmed, the Minister of Finance, claimed on Friday that her department was not consulted before the Central Bank of Nigeria decided to redesign naira notes by December.
She revealed it in Abuja during the Ministry of Finance, Budget, and National Planning’s budget discussion.
Managing inflation is one of the reasons for the decision, the minister added, but there will undoubtedly be consequences.
“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
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