Former Works Minister Babatunde Fashola has indicated that the controversial currency redesign policy implemented by CBN Governor, Godwin Emefiele during Muhammadu Buhari’s presidency may have proceeded without proper presidential authorization.
Speaking in an interview with Channels TV, Fashola questioned the approval process for the naira redesign that caused widespread hardship across Nigeria in early 2023. “I remember at the time when the currency was being changed, I realized that there was a requirement for the president to approve it,” Fashola stated, suggesting that then-Central Bank Governor Godwin Emefiele may have acted without following proper procedures.
The former Lagos State governor also criticized the National Assembly’s oversight role during the currency crisis, questioning why lawmakers failed to intervene despite having legislative authority over monetary policies. “There were certain things that the central bank did through its board, and it had impact on the nation. There was opportunity for oversight, for example, by the national assembly,” Fashola explained. “So some of the questions I asked myself when all this was going on then is that where was the parliament in terms of reining in, because they made the law.”
Fashola emphasized the shared responsibilities between different arms of government in preventing policy disasters. “There are things that the executive could do. There are things that parliament could do. There were things that they both could do, and that was my understanding, and that was my stance,” he concluded.
The former minister also noted that the late President had limited authority over monetary policy during his tenure. He explained that the Central Bank of Nigeria historically operated as a department under the Ministry of Finance until economic reforms in the late 1980s and 1990s transformed it into an autonomous government institution with sole responsibility for monetary policy.
According to the former minister, this restructuring aimed to align Nigeria’s financial governance with global best practices by preventing executive interference in monetary policy decisions. He emphasized that former President Buhari did not establish this autonomous framework, as it was already enshrined in law through earlier reforms.
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