President Muhammadu Buhari has said that the Central Bank of Nigeria had his support in the plan to to redesign and reissue some Naira notes.
The President’s declaration has laid to rest a seeming controversy which followed the declaration by the Minister of Finance, Zainab Ahmed, that she was not consulted on the move.
The President said in a statement by his Senior Special Assistant, Media and Publicity, Garba Shehu, that he has the conviction that the country would benefit from the policy.
Buhari said that he is convinced by the explanation of the CBN Governor, Godwin Emefiele, that the move would help the economy greatly by reducing inflation and fighting counterfeiting.
The President said that while those with stolen money buried under the soil will have challenges, workers and genuine business men will have no difficulties changing their monies to the new ones.
The statement in full, “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.”
LIn the interview, the President also addressed issues of food security and national security, among others.”