According to President Muhammadu `Buhari, the Central Bank of Nigeria (CBNdecision )’s to redesign the naira notes has his complete support.
The CBN announced last week that the N1,000, N500, and N200 notes would be redesigned with effect from December 1. This announcement prompted a range of responses.
But in a statement by his media aide Garba Shehu, the President `Buhari said he is “convinced that the nation will gain a lot by doing so”.
“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 in a statement 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.”
The Central Bank of Nigeria insists that it followed the law and proper procedure to carry out the exercise, which has been overdue for 12 years, in apparent response to claims made by the Minister of Finance, Budget, and National Planning, Zainab Ahmad, that her ministry was not supported by the bank in the ongoing process of redesigning three series of the naira.
The CBN released a statement in which its spokesman, Mr. Osita Nwanisobi, expressed surprise at the minister’s assertion and emphasized that the bank is still a very meticulous organization that adheres to due process when making policy decisions.
