By Emmanuel Nduka
Nigeria’s President, Muhammadu Buhari on Sunday backed the move by Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN) to redesign some denominations of the Naira note.
Buhari’s stance on the development comes in sharp contrast with his Minister of Finance, Zainab Ahmed, who had opined that the Federal Government was not aware of the CBN’s plans to redesign the Naira.
”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 stated on Sunday.
“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.
“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 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.
“In the interview, the President also addressed issues of food security and national security, among others,” Garba Shehu, presidential spokesman said on behalf of the President.
