President Muhammadu Buhari says 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 country will gain a lot by doing so. The President said this on Sunday while speaking in a Hausa radio interview with some Journalists.
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.”
Also Read: Naira Redesign: Finance Minister disowns policy, warns CBN of consequences
In the interview, the President also addressed issues of food security and national security, among others.
The President’s statement is coming few days after the Minister of Finance, Budget and National Planning, Zainab Ahmed distanced herself and her Ministry from the policy.
Ahmed during the 2023 budget defence session with the Senate Committee on Finance , warned the CBN against some underlying consequences of its action.
(Editor: Terverr Tyav)
