From Victor Osula, Abuja
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.
Senior Special Assistant to the President, (Media & Publicity), Garba Shehu, said on Sunday that Buhari made this disclosure 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 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.
CBN governor, Godwin Emefiele had announced during the week that the apex bank would be redesigning the N200, N500 and 1,000 notes by December 2022 and gave January 31 as deadline for the phasing out the old notes. Among other things, Emefiele had given reasons for the action to include, the need to control inflation currently standing at 19.5 per cent, check currency hoarding and counterfeiting.
Controversy trailed his statement when Minister of Finance, Budget and National Planning, Zainab Ahmed told a Senate committee that her ministry was unaware of the Bank’s decision, which had seen the Naira spiraling from N750 to N800 immediately the announcement to redesign was made and to N860 on Sunday, (today).
