President Muhammadu Buhari has responded to the Central Bank of Nigeria's (CBN) plan to redesign and replace N1,000, N500, and N200 notes beginning December 15.
According to a statement issued on Sunday by the President's spokesman, Mallam Garba Shehu,said the Central Bank of Nigeria's (CBN) decision to introduce new designs and replace high-value notes. Naira notes had his support, and he was convinced that the nation would benefit greatly from them.
This president's endorsement of the CBN's move comes on the heels of Minister of Finance, Budget, and National Planning, Zainab Ahmed, declaring that the apex bank did not include her ministry in its plan to redesign and roll out new naira notes.
President Buhari stated in a Hausa radio interview with renowned journalist Halilu Ahmed Getso and Kamaluddeen Sani Shawai, which will be aired Wednesday Morning on Tambari TV on Nilesat, that reasons given to him by the CBN convinced him that the economy would benefit from lower inflation, currency counterfeiting, and excess cash in circulation.
He stated that he did not consider the three-month transition period to the new notes to be short.
"People with illicit money buried under the soil will face difficulties," he says, "but workers and businesses with legitimate incomes will face no difficulties at all.
