Ahmed stated this on Friday when she appeared before a Senate committee.

Ahmed had criticised the apex bank’s process, which she called ill-timed.

In response to the Minister’s statement, CBN spokesman Osita Nwanisobi stated that the apex bank remains a very thorough institution.

He said the management of the CBN, in line with provisions of section 2(b), section 18(a), and section 19(a)(b) of the CBN Act 2007, had duly sought and obtained the approval of President Muhammadu Buhari in writing to redesign, produce, release and circulate new series of N200, N500, and N1,000 banknotes.

He called on Nigerians to support the currency redesign project, adding that the process is in the interest of Nigerians.

Nwanisobi claimed that some persons are hoarding significant sums of banknotes outside the vaults of commercial banks, which should not be encouraged by anyone who means well for Nigeria.

He further stated that the currency management in Nigeria has faced several escalating challenges which threatened the integrity of the currency, the CBN, and the country.

Nwanisobi added that every top-rate Central Bank was committed to safeguarding the integrity of the local legal tender, the efficiency of its supply, as well as its efficacy in the conduct of monetary policy.

Speaking on the timing of redesigning the Naira notes, Nwanisobi disclosed that CBN had waited for 20 years to carry out the project.

He added that the standard practice globally is for CBN to redesign, produce and circulate new local legal tender every five to eight years.

Nwanisobi assured Nigerians that the currency redesign is not aimed at any particular group.

He added that the process will strengthen Nigeria’s push to establish a cashless economy in the face of increased eNaira minting.

The process, according to the spokesman, will help reduce incidents of terrorism and kidnapping caused by people having access to large amounts of money outside the banking system, which is used as a source of funds for ransom payments.

As a result, Nwanisobi urged all Nigerians, regardless of status, to support the Naira redesign project, as it is for the greater good of the economy.

Sheikh Gumi Rejects Naira Redesign

Meanwhile, Sheikh Ahmad Gumi, a controversial Islamic cleric, has rejected the redesign of the Naria note, blaming the Central Bank of Nigeria (CBN) for its poor timing.

The cleric said in a statement titled “Changing the Naira: This is not the time for economic kamikaze!” that the plan to redesign the naira is ill-timed because it could lead to economic suicide, particularly among rural dwellers.

He stated that the majority of Nigerians rely on cash transactions and that any policy that causes further cash crunch will be disastrous for the country.

According to Gumi, the policy will not deprive kidnappers of cash because they may decide to demand dollars and other currencies in order to make people’s lives more difficult.

He said: “People that sell goods will tell you that most Nigerians don’t have the money to buy things; therefore, most traders are running at a loss and are already folding up. At this junction, anything that can cause more cash crunch will be a disaster for the nation.

“Many good ideas are marred by wrong timing. This is likely to be another one. No matter how ingenious the hatchers may romanticize, the benefit will remain a phantom since the reality on the ground is incongruous, and it spells doom for the escapade.

“Eighty percent of Nigerians, especially rural people, depend on cash transactions. A sudden change to a cashless or cash-starved society will mean pauperizing them in a spate of a short time that could trigger – God Knows- an unprecedented socio-economic turmoil in this semi-skilled or unskilled population.

“This kind of program is not for a government that is in the throes of its demise. If there is any advantage of such adventures, it usually comes after many years of excruciating poverty and hardship, which no well-meaning government should hand over such cruelty to another incoming government to manage.

“Had it been started in 2015, it could be logical since the same government will bear the consequence of its action. We are a witness when the banning of motorcycles, sell of petrol, and the blockage of communication in banditry-infested states did not help to curb the menace but rather made the populace suffer the more. This clearly shows that the government doesn’t consider the pros and cons of its activities which are largely haphazard, not well thought through, and worst still clumsily executed.”

The controversial cleric said mopping the cash from the populace as it claims to swell commercial banks will give an unfair advantage to a few people that control the banks against the greater population.

He described the naira design as sure economic suicide for the North, which is poorly represented in the banking system.

“How many Nigerians have access to banks? How many do have the privilege to enjoy the most simple of banking loans? You need to know someone to get a loan is no news. In such a Nigeria, with this tight control of cash flow, the nation is treading towards communism and dictatorship.

“What we need is a free market-driven economy with minimal cash flow control. As for the question of starving kidnappers of Naira, it goes without saying that they will resort to Dollars and other hard currencies, which will further put more pressure on it, making the rotten situation bad-der.

“kidnapping can only be stopped by robust policing, social justice for all, and equitable wealth distribution. Any cosmetic measures will not stop it. May Allah open our eyes and prevent us from jumping from frying pan to fire. Amin,” he said.