New Naira denominations: CBN, Senate, discuss

Central Bank of Nigeria

The CBN will not restructure the Nigerian currency without the senate’s consent.

The Central Bank of Nigeria (CBN) says it is discussing its proposed currency restructuring policy with the Senate.

The Director of Corporate Communications of the CBN, Ugochukwu Okoroafor, disclosed this in Lagos on Tuesday. Mr. Okoroafor said that the apex bank did not intend “in any way” to implement the proposal without the Senate’s consent.

“We have entered discussion with the Senate carefully because we want their approval. The law is very clear on this matter and it must not be forgotten that the CBN Act empowers us to restructure our currency system,” the bank’s spokesman said.

“I am sure that in a day or two, we will end all discussions on the matter,” he added.

The Central Bank made public its intention to restructure the nation’s currency system.

The bank says it plans to introduce N5, 000 naira notes in 2013, as well as coin the N5, N10 and N20 notes under a programme it has tagged “Project Cure.”

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