New Naira Policy Suspended
The Nigerian government Friday in Abuja suspended the new policy on the national currency- the Naira, announced by the Central Bank of Nigeria on August 14, saying the move still lacked presidential approval. Minister of Justice and Attorney-General of the Federation, Michael Aondoakaa, announced the suspension of the new Naira policy move in Abuja.The new policy had been announced by Central Bank governor Charles Soludo, under which the Naira would be set at a rate of 1.25 Naira to one US dollar starting August 1, 2008.
Under the move, aimed at making the Naira the currency of choice in transactions in the West African sub-region, the Naira would be redenominated, knocking off two zeros and setting the highest denomination at 20 Nairas. But the move came in for criticism from various quarters afterwards, with the Federal Executive Council (FEC) immediately seeking that the new Naira police be sent for review by the country's Economic Management Team for "fine-tuning,".The organised labour in the country expressed fears that there would be an inability to ensure there would be the corresponding adjustment of prices of commodities which could lead to the failure of the proposed re-denomination.
Aandokaa explained that the apex bank's boss contravened Section 19 (1), sub-section 1 and 2 of the CBN Act, which requires that any matter dealing with issuing new currency and coins must be with the approval of the President. Therefore, the actions must abate. All actions of the CBN in the re-denomination must be in accordance with the CBN Act. So, until an approval is sought for and obtained in writing from the President, all actions on the re-denomination must stop," he stated.
Tag: Goverment,Naira,Policy,Re-denomination,Banking,Currency
Under the move, aimed at making the Naira the currency of choice in transactions in the West African sub-region, the Naira would be redenominated, knocking off two zeros and setting the highest denomination at 20 Nairas. But the move came in for criticism from various quarters afterwards, with the Federal Executive Council (FEC) immediately seeking that the new Naira police be sent for review by the country's Economic Management Team for "fine-tuning,".The organised labour in the country expressed fears that there would be an inability to ensure there would be the corresponding adjustment of prices of commodities which could lead to the failure of the proposed re-denomination.
Aandokaa explained that the apex bank's boss contravened Section 19 (1), sub-section 1 and 2 of the CBN Act, which requires that any matter dealing with issuing new currency and coins must be with the approval of the President. Therefore, the actions must abate. All actions of the CBN in the re-denomination must be in accordance with the CBN Act. So, until an approval is sought for and obtained in writing from the President, all actions on the re-denomination must stop," he stated.
Tag: Goverment,Naira,Policy,Re-denomination,Banking,Currency
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