President Muhammadu Buhari has stated that he is support of the Central Bank of Nigeria (CBN) redesigning the naira notes.
Recall that the apex bank’s decision to redesign the N1,000, N500, and N200 notes, caused a stir last week after the Minister of Finance, Budget and National Planning, Zainab Ahmed, said she wasn’t aware of the decision.
However, in a statement by his media aide Garba Shehu, the President said he is aware of the redesigning and that he is “convinced that the nation will gain a lot by doing so”.
President Buhari said reasons given to him by the CBN convinced him that the economy stood to benefit from the 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.”the statement read.