If you’ve paid for your aso-ebi for the launching ceremony of Nigeria’s new naira banknotes in December, you may want to cancel your order. Because only two days after the governor of the Central Bank of Nigeria (CBN) Godwin Emefiele, aka Meffy, announced that three naira banknotes will be redesigned, we’ve found out that he didn’t inform everyone in the federal government that should’ve known.
Seriously, we’re not making this up. The Minister of Finance, Zainab Ahmed, said she heard the announcement the same way we all did. We’re still reeling from the shock of this claim. The guy in charge of Nigeria’s monetary policy announced a plan that affects our money, but the federal minister in charge of our money said, “For where?”
Chale, what else came up?
Other than being sidelined, Ahmed wasn’t convinced that Meffy had done his homework before his announcement. The minister noted that the cosmetic plan would have serious consequences on the value of the naira. And when you remember how much the naira’s value has suffered already, this should make everybody’s chest tight.
The naira can get worse?
Is this sort of thing unprecedented?
The thing with Buhari’s Nigeria is that even the most outrageous things aren’t new. If the plan to redesign the naira is canceled, it wouldn’t be the first time the government has walked back on an announcement. On August 8, 2022, Buhari approved the acquisition of Exxon Mobil shares by Seplat. Two days later, he woke up on another side of his bed and reversed the approval.
So what’s next?
When he announced his plan, Meffy said he already got Buhari’s blessing. But how could this process have happened without consulting the Ministry of Finance? So the current disconnect between the head of our monetary policy and the head of our fiscal policy has to be resolved soon. And if it means Buhari stepping in, then that’s what we should expect him to do. But are we even sure that Buhari knows?
ALSO READ: Why Meffy and CBN Decided to Do Make-Up for Your Banknotes
