CBN Has My Support To Redesign Naira Notes – Buhari

(AFRICAN EXAMINER) – President Muhammadu Buhari has stated that the Central Bank of Nigeria (CBN) has his backing to redesign the naira notes.

President Buhari stated the country has a lot to gain from the change in naira notes adding that he did not think 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,” Buhari said.

African Examiner recalls that on October 26, Godwin Emefiele, governor of the CBN, disclosed that the apex bank plans to redesign the naira to control money supply and aid security agencies in tackling illicit financial flow.

Few hours after, Zainab Ahmed, minister of finance, stated that her ministry was not carried along by the CBN.

“We are also looking at what the consequences will be. There will be some benefits but there are some challenges. I don’t know if the monetary authorities have looked very closely at what the consequences are and how they can be mitigated,” she had said.

Responding, to the minister’s claim, Osita Nwanisobi, the CBN spokesperson, stated that the apex bank sought the approval of the president in line with provisions of Section 2(b), Section 18(a), and Section 19(a)(b) of the CBN Act, 2007.

Reacting also, President Buhari stated that Nigerians with legitimate sources of income have nothing to fear for the naira redesign.
Garba Shehu, the president’s spokesperson, Buhari made this known while speaking in a Hausa radio interview with Halilu Ahmed Getso and Kamaluddeen Sani Shawai.

According to Shehu, the full interview will be aired Wednesday Morning on Tambari TV on Nilesat.

President Buhari stated that the 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.

President Buhari also addressed issues of food security and national security, among others.