President Buhari gives CBN his support to redesign naira notes

President Muhammadu Buhari has given the CBN his support to launch new designs and replace high value naira notes.

Malam Garba Shehu, the president’s media aide, in a statement in Abuja on Sunday said that Buhari made his position known while speaking on a Hausa radio programme to be aired on Wednesday.

The Minister of Finance, Budget and National Planning, Dr Zainab Ahmed, told a senate committee on Friday that the CBN did not carry the ministry along in its plan to redesign the naira and issue new currencies.

According to Ahmed, the process was ill-timed.

However, President Buhari said he was convinced that the nation would gain a lot by the CBN’s decision to redesign the naira notes.

He also said that the CBN convinced him with the reasons given to him that the economy stood to benefit from reduced inflation rate, currency counterfeiting and the excess cash in circulation.

The president 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, the president said.

The president’s aide stated that the president also addressed issues surrounding food security and national security, among others in the interview.