• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Wednesday, July 30, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Buhari Shocks Finance Minister, Backs Emefiele On Naira Redesign

by Jonathan Nda-Isaiah
3 years ago
in Business, Cover Stories, News
naira
Share on WhatsAppShare on FacebookShare on XTelegram

President Muhammadu Buhari yesterday said that the decision of the Central Bank of Nigeria (CBN) to launch new designs and replace high value naira notes had his support and approval.

Advertisement

President Buhari said he was convinced that the nation would gain a lot by redesigning the naira.

This would come as a shock to the minister of Finance, Zainab Ahmed who had told Senate committee on Finance last week that she and the ministry were not consulted by the

CBN.

Ahmed on Friday said the CBN did not consult her ministry before taking the decision to redesign naira notes by December.

RELATED

Patients Stranded As Nurses’ Strike Paralyses Services In Bayelsa

Patients Stranded As Nurses’ Strike Paralyses Services In Bayelsa

8 minutes ago
Niger Gov, Others Celebrate Etsu Nupe At 70

Reports On Making Sultan, Ooni Co-chairs Of Monarch’s Council Fake — Etsu Nupe

40 minutes ago

Ahmed, said even though one of the reasons for the decision was to manage inflation, consequences were sure to follow.

“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.”

However, speaking in a Hausa radio interview with the famous journalist Halilu Ahmed Getso, and Kamaluddeen Sani Shawai to be aired Wednesday Morning on Tambari TV on Nilesat, President Buhari in a statement by presidential spokesman, Garba Shehu said reasons given to him by the CBN convinced him that the economy stood to benefit from reduction in inflation, currency counterfeiting and the excess cash in circulation.

He said he did not consider the period of three months for the change to the new notes as being short.

“People with illicit money buried under the soil will have a challenge with this but workers, businesses with legitimate incomes will face no difficulties at all.”

In the interview, the President also addressed issues of food security and national security, among others.

And following calls by the Minister of Finance, Zainab Ahmed that the move by the Central Bank of Nigeria to redesign the naira could have dire consequences on its value, Ethnic Youth Leaders have called on the apex bank to ignore the ministers’ assertion.

According to them, the CBN should go ahead with its decision to launch the new notes in December.

The group who made the call in a statement by its convener Comrade Meliga, described the Minister’s statement as reckless and a plot to undermine President Muhammadu Buhari.

The group insisted that the decision to redesign the naira is a welcome development as it was a way to withdraw currency from circulation, and also a way to tighten money supply in the face of rising inflation.

The group therefore urged finance minister to apologise to Buhari and  CBN over reckless attack on the new naira note.

The statement reads, “The Minister of Finance, Budget and National Planning, Zainab Ahmed on Friday declared that the Central Bank of Nigeria (CBN) did not carry her ministry along in its plan to redesign and roll out new N200, N500 and N1000 notes effective December 15, announced last Wednesday.

“We are of the view that CBN doesn’t need to notify her ministry, in line with the law. The decision to replace some naira denominations with new ones would be positive for the economy in the medium- to long-term.

The Finance minister need to quickly tender a public apology to Buhari, CBN over reckless attack on New naira note.

The CBN, had last Wednesday, announced plans to redesign and reissue the N1000, N500 and N200 currency denominations, in an effort to rein in inflation and take control of money supply in the country.

CBN governor  Godwin Emefiele, who’d made this known also said the current naira notes will no longer be legal tender from January 31, 2023.


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel




Tags: Naira
SendShareTweetShare
Previous Post

2023: Afenifere Backtracks, Endorses Tinubu

Next Post

Security Alerts By The US Embassy: Who Gains?

Jonathan Nda-Isaiah

Jonathan Nda-Isaiah

You May Like

Patients Stranded As Nurses’ Strike Paralyses Services In Bayelsa
News

Patients Stranded As Nurses’ Strike Paralyses Services In Bayelsa

2025/07/30
Niger Gov, Others Celebrate Etsu Nupe At 70
News

Reports On Making Sultan, Ooni Co-chairs Of Monarch’s Council Fake — Etsu Nupe

2025/07/30
Analyst Hails Senate Over Passage Of Tax Reform Bills
News

North Reaping Big From Tinubu’s Infrastructure Drive – Ministers

2025/07/30
Oyo Gov’t Denies Converting Market Car Park To Shops
News

Oyo Gov’t Denies Converting Market Car Park To Shops

2025/07/30
Alleged $1.04 Fraud: Court Dismisses Ajudua’s Bail Request As Trial Resumes
News

Alleged $1.04 Fraud: Court Dismisses Ajudua’s Bail Request As Trial Resumes

2025/07/30
Port Harcourt Refinery Not For Sale — NNPC
Business

Port Harcourt Refinery Not For Sale — NNPC

2025/07/30
Leadership Conference advertisement

LATEST

Patients Stranded As Nurses’ Strike Paralyses Services In Bayelsa

Reports On Making Sultan, Ooni Co-chairs Of Monarch’s Council Fake — Etsu Nupe

North Reaping Big From Tinubu’s Infrastructure Drive – Ministers

Oyo Gov’t Denies Converting Market Car Park To Shops

Alleged $1.04 Fraud: Court Dismisses Ajudua’s Bail Request As Trial Resumes

Trump Slams 25% Tariff On Indian Goods, Criticises Ties With Russia

Port Harcourt Refinery Not For Sale — NNPC

North Has No Regrets Supporting Tinubu – Bagudu

Northern Princes Back Sultan As Co-Chair Of Traditional Rulers’ Council

JUST-IN: 6 Die, 2 Missing In Jigawa Boat Mishap

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.