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What The Law States Regarding CBN’s Authority To Redesign and Issue New Notes

What the law says about CBN’s power redesign, produce, release and circulate new series of banknotes

The central bank governor Godwin Emefiele announced on Wednesday, October 26th that the apex bank had obtained approval from the president to change the N200, N500, and N1000 notes.

According to him, in line with provisions of Sections 2(b), section 18(a), and section 19, Subsections a and b of the CBN Act 2007, the Management of the CBN has sought and obtained the approval of President Muhammadu Buhari to redesign, produce, release and circulate new series of banknotes at N200, N500, and N1,000 levels.

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However, Nigeria’s minister of finance revealed in a budget defense session that she was not consulted before the new central bank’s policy to change the N200, N500 and N1,000 notes was announced. The statement The central bank governor responded that he does not need the consent of anyone except that of the president to implement the policy.

Source: nairametrics

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