CBN is confusing money supply with currency in circulation-Muda Yusuf

 

President Muhammadu Buhari has stated that he supports the Central Bank of Nigeria’s decision to introduce new designs and replace high-value Naira notes because he believes the country will benefit greatly from doing so.

 

The president also said those with illicit money buried under the soil will have a challenge with this, but workers and businesses with legitimate incomes will face no difficulties at all.”

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The CBN Governor, Godwin Emefiele, had earlier announced the launch of the re-designed Naira notes, last week which according to him will be rolled out December 15, 2022,

Recall that when probed by the National Assembly after the announcement, the Minister of Finance, Budget and National Planning, Zainab Ahmed, stated that her Ministry was not carried along when the decision was made, adding that, she found out about the move in the Media, like every other Nigerian.

In response to the Minister’s claim, the CBN stressed that due process was followed, and that President Buhari gave his approval in writing to re-design the Naira notes urgently.

CEO, Centre for The Promotion of Private Enterprise ENTRE (CCPE)/Former DG, Lagos Chamber of Commerce and Industry, Dr Muda Yusuf speaking on the redesign by the CBN there is no compelling argument to undertake this exercise.

Mr Yusuf said there are more important things to deal with that Nigerians expect from the monetary authorities, for instance the foreign exchange market.

“Our foreign exchange market is in a crisis and on account of what is happening to our fiscal position.

“Moody’s downgraded Nigeria to a high credit risk country due to a string of external failures and a weak fiscal position, that is a big issue that should be of major concern to the CBN, especially as we are easier to do business, to invest.

“Our capital importation has also dried up.

“We’re also having crisis with the airlines, those are the ones that are very visible.

“There are so many other people, manufacturers, they tell you their stories around this issue of foreign exchange, and all the scandals going on around the forex market. Those are fundamental issues.

“The dollar has a lot implications on inflation.

Speaking on the claim by the finance minister of not being aware of the whole process, Mr Yusuf stated that it is important for the presidency to take charge of the policy process but it behooves on the presidency to carry as many people along as possible in the process.

“The CBN has said 80% of currency in circulation is outside the bank vaults.

“But the apex bank is confusing money supply with currency in circulation, which is not the same thing. The money in this economy, over 95% are in the banking system. Money is not only cash,” Mr Yusuf said.

 

 

President Muhammadu Buhari has stated that he supports the Central Bank of Nigeria’s decision to introduce new designs and replace high-value Naira notes because he believes the country will benefit greatly from doing so.

 

The president also said those with illicit money buried under the soil will have a challenge with this, but workers and businesses with legitimate incomes will face no difficulties at all.”

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The CBN Governor, Godwin Emefiele, had earlier announced the launch of the re-designed Naira notes, last week which according to him will be rolled out December 15, 2022,

Recall that when probed by the National Assembly after the announcement, the Minister of Finance, Budget and National Planning, Zainab Ahmed, stated that her Ministry was not carried along when the decision was made, adding that, she found out about the move in the Media, like every other Nigerian.

In response to the Minister’s claim, the CBN stressed that due process was followed, and that President Buhari gave his approval in writing to re-design the Naira notes urgently.

CEO, Centre for The Promotion of Private Enterprise ENTRE (CCPE)/Former DG, Lagos Chamber of Commerce and Industry, Dr Muda Yusuf speaking on the redesign by the CBN there is no compelling argument to undertake this exercise.

Mr Yusuf said there are more important things to deal with that Nigerians expect from the monetary authorities, for instance the foreign exchange market.

“Our foreign exchange market is in a crisis and on account of what is happening to our fiscal position.

“Moody’s downgraded Nigeria to a high credit risk country due to a string of external failures and a weak fiscal position, that is a big issue that should be of major concern to the CBN, especially as we are easier to do business, to invest.

“Our capital importation has also dried up.

“We’re also having crisis with the airlines, those are the ones that are very visible.

“There are so many other people, manufacturers, they tell you their stories around this issue of foreign exchange, and all the scandals going on around the forex market. Those are fundamental issues.

“The dollar has a lot implications on inflation.

Speaking on the claim by the finance minister of not being aware of the whole process, Mr Yusuf stated that it is important for the presidency to take charge of the policy process but it behooves on the presidency to carry as many people along as possible in the process.

“The CBN has said 80% of currency in circulation is outside the bank vaults.

“But the apex bank is confusing money supply with currency in circulation, which is not the same thing. The money in this economy, over 95% are in the banking system. Money is not only cash,” Mr Yusuf said.

 

 

President Muhammadu Buhari has stated that he supports the Central Bank of Nigeria’s decision to introduce new designs and replace high-value Naira notes because he believes the country will benefit greatly from doing so.

 

The president also said those with illicit money buried under the soil will have a challenge with this, but workers and businesses with legitimate incomes will face no difficulties at all.”

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The CBN Governor, Godwin Emefiele, had earlier announced the launch of the re-designed Naira notes, last week which according to him will be rolled out December 15, 2022,

Recall that when probed by the National Assembly after the announcement, the Minister of Finance, Budget and National Planning, Zainab Ahmed, stated that her Ministry was not carried along when the decision was made, adding that, she found out about the move in the Media, like every other Nigerian.

In response to the Minister’s claim, the CBN stressed that due process was followed, and that President Buhari gave his approval in writing to re-design the Naira notes urgently.

CEO, Centre for The Promotion of Private Enterprise ENTRE (CCPE)/Former DG, Lagos Chamber of Commerce and Industry, Dr Muda Yusuf speaking on the redesign by the CBN there is no compelling argument to undertake this exercise.

Mr Yusuf said there are more important things to deal with that Nigerians expect from the monetary authorities, for instance the foreign exchange market.

“Our foreign exchange market is in a crisis and on account of what is happening to our fiscal position.

“Moody’s downgraded Nigeria to a high credit risk country due to a string of external failures and a weak fiscal position, that is a big issue that should be of major concern to the CBN, especially as we are easier to do business, to invest.

“Our capital importation has also dried up.

“We’re also having crisis with the airlines, those are the ones that are very visible.

“There are so many other people, manufacturers, they tell you their stories around this issue of foreign exchange, and all the scandals going on around the forex market. Those are fundamental issues.

“The dollar has a lot implications on inflation.

Speaking on the claim by the finance minister of not being aware of the whole process, Mr Yusuf stated that it is important for the presidency to take charge of the policy process but it behooves on the presidency to carry as many people along as possible in the process.

“The CBN has said 80% of currency in circulation is outside the bank vaults.

“But the apex bank is confusing money supply with currency in circulation, which is not the same thing. The money in this economy, over 95% are in the banking system. Money is not only cash,” Mr Yusuf said.

 

 

President Muhammadu Buhari has stated that he supports the Central Bank of Nigeria’s decision to introduce new designs and replace high-value Naira notes because he believes the country will benefit greatly from doing so.

 

The president also said those with illicit money buried under the soil will have a challenge with this, but workers and businesses with legitimate incomes will face no difficulties at all.”

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The CBN Governor, Godwin Emefiele, had earlier announced the launch of the re-designed Naira notes, last week which according to him will be rolled out December 15, 2022,

Recall that when probed by the National Assembly after the announcement, the Minister of Finance, Budget and National Planning, Zainab Ahmed, stated that her Ministry was not carried along when the decision was made, adding that, she found out about the move in the Media, like every other Nigerian.

In response to the Minister’s claim, the CBN stressed that due process was followed, and that President Buhari gave his approval in writing to re-design the Naira notes urgently.

CEO, Centre for The Promotion of Private Enterprise ENTRE (CCPE)/Former DG, Lagos Chamber of Commerce and Industry, Dr Muda Yusuf speaking on the redesign by the CBN there is no compelling argument to undertake this exercise.

Mr Yusuf said there are more important things to deal with that Nigerians expect from the monetary authorities, for instance the foreign exchange market.

“Our foreign exchange market is in a crisis and on account of what is happening to our fiscal position.

“Moody’s downgraded Nigeria to a high credit risk country due to a string of external failures and a weak fiscal position, that is a big issue that should be of major concern to the CBN, especially as we are easier to do business, to invest.

“Our capital importation has also dried up.

“We’re also having crisis with the airlines, those are the ones that are very visible.

“There are so many other people, manufacturers, they tell you their stories around this issue of foreign exchange, and all the scandals going on around the forex market. Those are fundamental issues.

“The dollar has a lot implications on inflation.

Speaking on the claim by the finance minister of not being aware of the whole process, Mr Yusuf stated that it is important for the presidency to take charge of the policy process but it behooves on the presidency to carry as many people along as possible in the process.

“The CBN has said 80% of currency in circulation is outside the bank vaults.

“But the apex bank is confusing money supply with currency in circulation, which is not the same thing. The money in this economy, over 95% are in the banking system. Money is not only cash,” Mr Yusuf said.

 

 

President Muhammadu Buhari has stated that he supports the Central Bank of Nigeria’s decision to introduce new designs and replace high-value Naira notes because he believes the country will benefit greatly from doing so.

 

The president also said those with illicit money buried under the soil will have a challenge with this, but workers and businesses with legitimate incomes will face no difficulties at all.”

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The CBN Governor, Godwin Emefiele, had earlier announced the launch of the re-designed Naira notes, last week which according to him will be rolled out December 15, 2022,

Recall that when probed by the National Assembly after the announcement, the Minister of Finance, Budget and National Planning, Zainab Ahmed, stated that her Ministry was not carried along when the decision was made, adding that, she found out about the move in the Media, like every other Nigerian.

In response to the Minister’s claim, the CBN stressed that due process was followed, and that President Buhari gave his approval in writing to re-design the Naira notes urgently.

CEO, Centre for The Promotion of Private Enterprise ENTRE (CCPE)/Former DG, Lagos Chamber of Commerce and Industry, Dr Muda Yusuf speaking on the redesign by the CBN there is no compelling argument to undertake this exercise.

Mr Yusuf said there are more important things to deal with that Nigerians expect from the monetary authorities, for instance the foreign exchange market.

“Our foreign exchange market is in a crisis and on account of what is happening to our fiscal position.

“Moody’s downgraded Nigeria to a high credit risk country due to a string of external failures and a weak fiscal position, that is a big issue that should be of major concern to the CBN, especially as we are easier to do business, to invest.

“Our capital importation has also dried up.

“We’re also having crisis with the airlines, those are the ones that are very visible.

“There are so many other people, manufacturers, they tell you their stories around this issue of foreign exchange, and all the scandals going on around the forex market. Those are fundamental issues.

“The dollar has a lot implications on inflation.

Speaking on the claim by the finance minister of not being aware of the whole process, Mr Yusuf stated that it is important for the presidency to take charge of the policy process but it behooves on the presidency to carry as many people along as possible in the process.

“The CBN has said 80% of currency in circulation is outside the bank vaults.

“But the apex bank is confusing money supply with currency in circulation, which is not the same thing. The money in this economy, over 95% are in the banking system. Money is not only cash,” Mr Yusuf said.

 

 

President Muhammadu Buhari has stated that he supports the Central Bank of Nigeria’s decision to introduce new designs and replace high-value Naira notes because he believes the country will benefit greatly from doing so.

 

The president also said those with illicit money buried under the soil will have a challenge with this, but workers and businesses with legitimate incomes will face no difficulties at all.”

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The CBN Governor, Godwin Emefiele, had earlier announced the launch of the re-designed Naira notes, last week which according to him will be rolled out December 15, 2022,

Recall that when probed by the National Assembly after the announcement, the Minister of Finance, Budget and National Planning, Zainab Ahmed, stated that her Ministry was not carried along when the decision was made, adding that, she found out about the move in the Media, like every other Nigerian.

In response to the Minister’s claim, the CBN stressed that due process was followed, and that President Buhari gave his approval in writing to re-design the Naira notes urgently.

CEO, Centre for The Promotion of Private Enterprise ENTRE (CCPE)/Former DG, Lagos Chamber of Commerce and Industry, Dr Muda Yusuf speaking on the redesign by the CBN there is no compelling argument to undertake this exercise.

Mr Yusuf said there are more important things to deal with that Nigerians expect from the monetary authorities, for instance the foreign exchange market.

“Our foreign exchange market is in a crisis and on account of what is happening to our fiscal position.

“Moody’s downgraded Nigeria to a high credit risk country due to a string of external failures and a weak fiscal position, that is a big issue that should be of major concern to the CBN, especially as we are easier to do business, to invest.

“Our capital importation has also dried up.

“We’re also having crisis with the airlines, those are the ones that are very visible.

“There are so many other people, manufacturers, they tell you their stories around this issue of foreign exchange, and all the scandals going on around the forex market. Those are fundamental issues.

“The dollar has a lot implications on inflation.

Speaking on the claim by the finance minister of not being aware of the whole process, Mr Yusuf stated that it is important for the presidency to take charge of the policy process but it behooves on the presidency to carry as many people along as possible in the process.

“The CBN has said 80% of currency in circulation is outside the bank vaults.

“But the apex bank is confusing money supply with currency in circulation, which is not the same thing. The money in this economy, over 95% are in the banking system. Money is not only cash,” Mr Yusuf said.

 

 

President Muhammadu Buhari has stated that he supports the Central Bank of Nigeria’s decision to introduce new designs and replace high-value Naira notes because he believes the country will benefit greatly from doing so.

 

The president also said those with illicit money buried under the soil will have a challenge with this, but workers and businesses with legitimate incomes will face no difficulties at all.”

[wonderplugin_video iframe=”https://youtu.be/3VGB19MHL0Y” lightbox=0 lightboxsize=1 lightboxwidth=960 lightboxheight=540 autoopen=0 autoopendelay=0 autoclose=0 lightboxtitle=”” lightboxgroup=”” lightboxshownavigation=0 showimage=”” lightboxoptions=”” videowidth=600 videoheight=400 keepaspectratio=1 autoplay=0 loop=0 videocss=”position:relative;display:block;background-color:#000;overflow:hidden;max-width:100%;margin:0 auto;” playbutton=”https://www.tvcnews.tv/wp-content/plugins/wonderplugin-video-embed/engine/playvideo-64-64-0.png”]

The CBN Governor, Godwin Emefiele, had earlier announced the launch of the re-designed Naira notes, last week which according to him will be rolled out December 15, 2022,

Recall that when probed by the National Assembly after the announcement, the Minister of Finance, Budget and National Planning, Zainab Ahmed, stated that her Ministry was not carried along when the decision was made, adding that, she found out about the move in the Media, like every other Nigerian.

In response to the Minister’s claim, the CBN stressed that due process was followed, and that President Buhari gave his approval in writing to re-design the Naira notes urgently.

CEO, Centre for The Promotion of Private Enterprise ENTRE (CCPE)/Former DG, Lagos Chamber of Commerce and Industry, Dr Muda Yusuf speaking on the redesign by the CBN there is no compelling argument to undertake this exercise.

Mr Yusuf said there are more important things to deal with that Nigerians expect from the monetary authorities, for instance the foreign exchange market.

“Our foreign exchange market is in a crisis and on account of what is happening to our fiscal position.

“Moody’s downgraded Nigeria to a high credit risk country due to a string of external failures and a weak fiscal position, that is a big issue that should be of major concern to the CBN, especially as we are easier to do business, to invest.

“Our capital importation has also dried up.

“We’re also having crisis with the airlines, those are the ones that are very visible.

“There are so many other people, manufacturers, they tell you their stories around this issue of foreign exchange, and all the scandals going on around the forex market. Those are fundamental issues.

“The dollar has a lot implications on inflation.

Speaking on the claim by the finance minister of not being aware of the whole process, Mr Yusuf stated that it is important for the presidency to take charge of the policy process but it behooves on the presidency to carry as many people along as possible in the process.

“The CBN has said 80% of currency in circulation is outside the bank vaults.

“But the apex bank is confusing money supply with currency in circulation, which is not the same thing. The money in this economy, over 95% are in the banking system. Money is not only cash,” Mr Yusuf said.

 

 

President Muhammadu Buhari has stated that he supports the Central Bank of Nigeria’s decision to introduce new designs and replace high-value Naira notes because he believes the country will benefit greatly from doing so.

 

The president also said those with illicit money buried under the soil will have a challenge with this, but workers and businesses with legitimate incomes will face no difficulties at all.”

[wonderplugin_video iframe=”https://youtu.be/3VGB19MHL0Y” lightbox=0 lightboxsize=1 lightboxwidth=960 lightboxheight=540 autoopen=0 autoopendelay=0 autoclose=0 lightboxtitle=”” lightboxgroup=”” lightboxshownavigation=0 showimage=”” lightboxoptions=”” videowidth=600 videoheight=400 keepaspectratio=1 autoplay=0 loop=0 videocss=”position:relative;display:block;background-color:#000;overflow:hidden;max-width:100%;margin:0 auto;” playbutton=”https://www.tvcnews.tv/wp-content/plugins/wonderplugin-video-embed/engine/playvideo-64-64-0.png”]

The CBN Governor, Godwin Emefiele, had earlier announced the launch of the re-designed Naira notes, last week which according to him will be rolled out December 15, 2022,

Recall that when probed by the National Assembly after the announcement, the Minister of Finance, Budget and National Planning, Zainab Ahmed, stated that her Ministry was not carried along when the decision was made, adding that, she found out about the move in the Media, like every other Nigerian.

In response to the Minister’s claim, the CBN stressed that due process was followed, and that President Buhari gave his approval in writing to re-design the Naira notes urgently.

CEO, Centre for The Promotion of Private Enterprise ENTRE (CCPE)/Former DG, Lagos Chamber of Commerce and Industry, Dr Muda Yusuf speaking on the redesign by the CBN there is no compelling argument to undertake this exercise.

Mr Yusuf said there are more important things to deal with that Nigerians expect from the monetary authorities, for instance the foreign exchange market.

“Our foreign exchange market is in a crisis and on account of what is happening to our fiscal position.

“Moody’s downgraded Nigeria to a high credit risk country due to a string of external failures and a weak fiscal position, that is a big issue that should be of major concern to the CBN, especially as we are easier to do business, to invest.

“Our capital importation has also dried up.

“We’re also having crisis with the airlines, those are the ones that are very visible.

“There are so many other people, manufacturers, they tell you their stories around this issue of foreign exchange, and all the scandals going on around the forex market. Those are fundamental issues.

“The dollar has a lot implications on inflation.

Speaking on the claim by the finance minister of not being aware of the whole process, Mr Yusuf stated that it is important for the presidency to take charge of the policy process but it behooves on the presidency to carry as many people along as possible in the process.

“The CBN has said 80% of currency in circulation is outside the bank vaults.

“But the apex bank is confusing money supply with currency in circulation, which is not the same thing. The money in this economy, over 95% are in the banking system. Money is not only cash,” Mr Yusuf said.