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.
The president also said he was convinced that the nation would gain a lot by redesigning the naira notes.
This is contained in a Sunday statement signed by the Senior Special Assistant on Media and Publicity to the President, Garba Shehu.
According to the statement, the president spoke in a Hausa radio interview with veteran journalist, Halilu Ahmed Getso and Kamaluddeen Sani Shawai to be aired Wednesday morning on Tambari TV on Nilesat.
Recall that CBN governor, Godwin Emefiele announced the apex bank’s move to redesign the high value naira notes on Wednesday, October 26.
On Friday, the Minister of Finance, Budget and National Planning, Zainab Ahmed told the Senate Committee on Finance that her ministry was not consulted and warned of dire consequences for the local currency.
However, a former Deputy Governor of CBN, Prof. Kingsley Moghalu said it was not legally mandatory for the apex bank to consult the ministry before embarking on redesigning the naira.
The president said reasons given to him by the CBN convinced him that the economy stood to benefit from reduction in inflation, currency counterfeiting and excess cash in circulation.
Buhari 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,” Buhari was quoted to have said.
In the interview, the President also addressed issues of food security and national security, among others, the presidential statement stated.