Following the recent development regarding the announcement on the removal of two zeros from the Naira by the CBN, the Nigerian Justice Minister has announced that the Central Bank can not go ahead with the Naira plan and that the Central Bank should have sought the president’s approval for re-denomination.
Nigeria Justice Minister Michael Aondoakaa stated that the CBN should have sought President Umaru Yar’Adua’s approval before announcing the plan, which involves removing two zeros from the currency from 1st August next year.
According to CBN Act 2007 signed into law by former President Olusegun Obasanjo in his last week in office, among other bills, relied upon by the CBN governor, does not grant the governor powers claimed with respect to currency denomination.