Senate Begins Fresh Probe Of Naira Redesign Policy

The Senate has launched a fresh probe into the launch and implementation of the naira redesign policy of the Central Bank of Nigeria (CBN).

Also, the Public Accounts Committee of the Red Chamber said it would investigate the printing of new naira notes by the Nigerian Security Printing and Minting Company (NSPMC) in 2022.

Recall that under the naira redesign policy, N200, N500, and ₦1,000 notes were redesigned, while the old ones were mopped up in February before the 2023 general elections in March.

The apex bank said it redesigned all major naira notes, including N100, N200, N500 and ₦1,000 notes and will by December 2022 start circulating them.

The naira redesign policy implementation resulted in a shortage of cash and culminated in violent protests and attacks on banks in different parts of the country.

Speaking during a panel hearing on Tuesday, the chairman of the Senate Public Accounts Committee, Senator Ahmed Wadada, said the panel will probe the printing of the new notes by the apex bank.

He also asked the Managing Director of NSPMC, Ahmed Halilu, and other management staff of the agency, who appeared before the panel, to respond to audit queries by the Office of the Auditor-General for the Federation.

Also speaking, a member of the committee, Senator Adams Oshiomhole, asked Halilu to furnish the panel with necessary documents detailing the printing of new naira notes.

Oshiomhole said the documents would enable the committee to know how much was printed and the amount spent on printing the new currency notes.

He said, “When coming to see us, you should come with documents related to the printing of new naira notes.

“We need to see how much was printed, how much was spent printing the new naira notes.”