Buhari Backs CBN On New Naira Notes
President Muhammadu Buhari says he is in support of the decision of the Central Bank of Nigeria, CBN to redesign high-value Naira notes.
CBN Governor, Godwin Emefiele had last week at a special Bankers’ Committee meeting announced the plan to replace high-value Naira notes of N200, N500, and N1000 denominations.
Buhari speaking on Sunday in a Hausa radio interview said he is convinced that the country 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 a 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.”
In the interview, the President also addressed issues of food security and national security, among others.
The President’s statement is coming a 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.
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