President Muhammadu Buhari has made it clear that he fully supported and approved the plan by the Central Bank of Nigeria (CBN) to redesign naira notes.
A statement on Sunday by the Senior Special Assistant on Media and Publicity, Malam Garba Shehu quoted the President as saying that the decision to launch new designs and replace high value Naira notes had his support.
He stressed that there are no bad consequences in the redesigning of the note, adding that is convinced that the nation will gain a lot by doing so.
President Buhari said that reasons given to him by the CBN convinced him that the economy would stand to benefit from reduction in inflation, currency counterfeiting and the excess cash in circulation.
“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 the reduction in inflation, currency counterfeiting and the excess cash in circulation,” Mr Shehu said on Sunday.
“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.”
He added that the period of three months given by the CBN for the change to the new notes is adequate to get things done with.
The CBN had last week said it will redesign the N1,000, N500 and N200 notes, effective December 1, a development that has elicited mixed reactions.
