Buhari: CBN Has My Backing to Redesign, Replace Naira Notes

President Muhammadu Buhari has reacted to the plan by the Central Bank of Nigeria ( CBN) to redesign and replace N1,000, N500 and N200 notes, effective Decemebr 15.

The President, according to a release issued on Sunday by his spokesman, Mallam Garba Shehu,

said the decision of the Central Bank of Nigeria (CBN) to launch new designs and replace high value Naira notes had his support and he was convinced that the nation will gain a lot by doing so.

This president’s confirmation of his endorsement of the CBN’s move is coming on the heels of Minister of Finance, Budget and National Planning, Zainab Ahmed’s declaration that the apex bank did not carry her ministry along in its plan to redesign and roll out new naira notes.

Speaking in an Hausa radio interview with the renowned journalist, Halilu Ahmed Getso, and Kamaluddeen Sani Shawai, to be aired Wednesday Morning on Tambari TV on Nilesat, President Buhari said reasons given to him by the CBN convinced him that the economy stood to benefit from reduction in inflation, currency counterfeiting and the excess cash in circulation.

He said he did not consider the period of three months for the change to the new notes as being short.

According to him: ”People with illicit money buried under the soil will have a challenge with this but workers, businesses with legitimate incomes will face no difficulties at all.”

In the interview, the President also addressed issues of food security and national security, among others.