President Muhammadu Buhari has said that the decision of the Central Bank of Nigeria ( CBN) to redesign and replace N1,000, N500, and N200 notes, effective December 15 had his backing.
The President, according to a release issued on Sunday by his spokesman, Mallam Garba Shehu, said that he was convinced that the nation will gain a lot from the exercise.
This president’s confirmation of his endorsement of the CBN’s move is coming on the heels of Minister of Finance, Budget and National Planning, Zainab Ahmed’s declaration that the apex bank did not carry her ministry along in its plan to redesign and roll out new naira notes.
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Speaking in a Hausa radio interview with Halilu Ahmed Getso, and Kamaluddeen Sani Shawai, to be aired Wednesday Morning on Tambari TV on Nilesat, President Buhari said the 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.
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 interview, the President also addressed issues of food security and national security, among others.
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