Buhari counters finance minister, says CBN has his backing to redesign, replace naira notes

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President Muhammadu Buhari has said that the decision of the Central Bank of Nigeria (CBN) to launch new designs and replace high value Naira notes had his support.
In a statement on Sunday in Abuja, by Garba Shehu, Presidential spokesman, Buhari said he was convinced that the nation will gain a lot by doing so.
Buhari’s clarification came following declaration by the minister of finance, budget and planning, Zainab Ahmed that
the CBN did not carry her ministry along in its plan to redesign and roll out new naira notes.
The statement said Buhari was speaking in an Hausa radio interview with the renowned journalist, Halilu Ahmed Getso, and Kamaluddeen Sani Shawai, to be aired Wednesday Morning on Tambari TV on Nilesat.
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 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.”
The President also addressed issues of food security and national security, among others.
The CBN had on October 26, announced that redesigned and replace N1,000, N500 and N200 notes will be in circulation, effective Decemebr 15.
The apex bank also said the redesigned notes and the old notes will coexist until January 31, 2023, when the old notes will seize to be legal tender.

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