Question: Honourable Minister, what do you think as to;
1) the timing of this CBN policy and two as to whether or not this is something that needs to be done at this point.
Answer: “We were not consulted. It was an announcement that we heard yen yen yen…”*
Proper Answer: I would have had my arguments against the policy as a private citizen. I however ceased to be a private citizen the moment I accepted President Muhammadu Buhari’s nomination to do this job. I’m not under any illusion. There was no way I would have reasonably expected the government to agree with my views hundred percent of the time.
Despite some expected benefits, the redesign of the Naira notes will have some consequences. This includes the additional pressure on the Naira as we have witnessed since the announcement by the Central Bank.
Nonetheless, I believe the president carefully considered all the variables before granting the approval. His approval is in the overriding interest of ordinary Nigerians on whose behalf he makes very tough decisions each waking day.
As a responsive organ of government, the Ministry of Finance, Budget and National Planning is piecing together an action plan to cushion the effects of this policy. The plan will be perfected in the coming days and will be sent for the consideration of the president and the Federal Executive Council.
Having made this clarification, I plead that all further questions on this be directed to the monetary authorities.
Had the Honourable Minister carefully chosen her words, she could have achieved her communication goal — which is to publicly state her disagreements — without throwing the president who appointed her and the government she serves inside “poto poto.” She can then go back and continue her sword fight with CBN’s Emefiele. But what do I know? A government that is already inside “poto poto” needs not to fear additional “poto poto.”
Chima Christian
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