The Central Bank of Nigeria (CBN) said on Saturday that it followed due process in redesigning some naira denominations, insisting that the exercise was twelve years overdue.
CBN announced this via its Twitter account, urging Nigerians to support the measure because it was in the best interests of the country as a whole.
This follows comments by Mrs Zainab Ahmed, Minister of Finance, Budget, and National Planning, that the CBN did not consult the ministry before making the decision.
“CBN insists it followed the law, due process for Naira redesign, says exercise is 12 years overdue,” CBN tweeted.
“The CBN urges Nigerians to support the currency redesign project, which is in the overall interest of every citizen of the country.
“CBN had 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.
“President Muhammadu Buhari approves redesign, production, and circulation of new series of N200, N500, and N1,000 banknotes.”