The Central Bank of Nigeria has claimed that it followed due process, including President Muhammadu Buhari’s go-ahead, in redesigning the naira, in response to accusations by finance minister that it acted unilaterally.

On Friday, finance minister Zainab Ahmed criticised the CBN’s decision to redesign the naira notes without carrying her ministry along, saying it was ill-timed and would have a significant impact on the Nigerian currency.

Ms Ahmed encouraged the Senate to invite CBN Governor Godwin Emefiele to explain the purpose of the new naira notes, as she, like everyone else, learned about the move through the media.

In response to the minister’s allegation on Saturday, the apex bank’s spokesman, Osita Nwanisobi, argued in a statement that the CBN followed due process in redesigning three series of the naira.

He claimed that the CBN’s management had properly requested and received President Muhammadu Buhari’s written approval to redesign, produce, release, and circulate new designs of N200, N500, and N1,000 banknotes in accordance with the CBN Act 2007’s Sections 2(b), 18(a), and 19(a)(b).

Lamenting that Nigerians were hoarding sizeable amounts of banknotes outside the vaults of commercial banks, Mr Nwasinobi urged them to support the currency redesign project, saying it was in their collective best interests.

The CBN spokesman expressed confidence that the effort will, among other goals, deepen Nigeria’s push to entrench a cashless economy in the face of increased minting of the eNaira. He further while assured  Nigerians that the currency redesign exercise was solely a central banking exercise and not targeted at any group.