Buhari: CBN has my backing in replacing naira notes

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.

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.

The Minister of Finance, Budget and National Planning, Zainab Ahmed, had said that her ministry was not consulted by the CBN on replacing the naira notes.

The CBN, however, fired back, stating that it followed due process.

The President, in a statement by his spokesman, Garba Shehu, said he did not consider the period of three months for the change to the new notes as being short.

READ ALSO: CBN: Naira redesign followed due process

”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.”

Buhari spoke 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

In the interview, the President also addressed issues of food security and national security, among others.

The Star