The regulator insists it has statutory powers as it seeks parliamentary approval

The Central Bank of Nigeria (CBN) says it is discussing its proposed currency restructuring policy with the Senate.

Ugochukwu Okoraofor, the CBN Director of Corporate Communications, said on Tuesday that the regulator did not intend to implement the proposal without the Senate?s consent.

“We have entered discussion with the Senate carefully because we want their approval,” he said. “The law is very clear on this matter and it must not be forgotten that the CBN Act empowers us to restructure our currency system. I am sure that in a day or two, we will end all discussions on the matter.”

The CBN had made public, last Thursday, its intention to restructure the nation?s currency system.

The apex bank said it planned to introduce N5,000 naira notes; coin the N5, N10 and N20 notes in 2013; and redesign all other existing notes.

The development had been criticised by many, including federal lawmakers who demanded that it be suspended until the regulator meets with the National Assembly.

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