President Muhammadu Buhari has given his backing to the Central Bank of Nigeria (CBN) in its bid to have some of the Naira notes redesigned.
This report follows Finance Minister, Zainab Ahmed, alarm that her ministry was not notified of the decision.
While the CBN doubled down on the move, insisting it followed due process, a statement on Sunday by the Senior Special Assistant to the President, Mallam Garba Shehu corroborated the bank’s stance, saying it had the support of the President.
The presidential spokesman’s statement, titled “CBN Has My Backing in Replacing Naira Notes, Says President Buhari” reads: “President Muhammadu Buhari on Sunday said that the decision of the Central Bank of Nigeria (CBN) to launch new designs and replace high value Naira notes had his support and is convinced that the nation will gain a lot by doing so.
“Speaking in a Hausa radio interview with the famous 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.
”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”.
