President Muhammadu Buhari has reacted to the plan by the Central Bank of Nigeria ( CBN) to redesign and replace N1,000, N500 and N200 notes, effective Decemebr 15.
According to a statement released on Sunday by his spokesman, Mallam Garba Shehu, the President said he supported the Central Bank of Nigeria’s (CBN) decision to introduce new designs and replace high-value Naira notes and was confident the country would benefit much from doing so.
Following the admission by Zainab Ahmed, Minister of Finance, Budget, and National Planning, that the apex bank did not involve her ministry in its plan to redesign and introduce new naira notes, this president has confirmed that he supports the CBN’s action.
President Buhari stated in a Hausa radio interview with the renowned journalist Halilu Ahmed Getso and Kamaluddeen Sani Shawai that the reasons given to him by the CBN convinced him that the economy stood to benefit from a decrease in inflation, currency counterfeiting, and the excess cash in circulation. The interview will air Wednesday Morning on Tambari TV on Nilesat.
He claimed he did not think the three-month transition period to the new notes was too brief.
According to him: ”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 conversation, the President also addressed concerns of food security and national security, among others.