Following the controversies surrounding the plan by the Central Bank of Nigeria (CBN) to change the look of the naira notes amid economic instability, President, Muhammadu Buhari has come out to say that the move has his approval.
Buhari who made this known in a statement signed by his Senior Special Assistant on Media and Publicity, Garba Shehu explained that the nation would gain a lot by the new initiative, especially its impact on illicit monies.
He also, revealed his support for the CBN decision while speaking in a Hausa radio interview with the famous journalists Halilu Getso and Kamaluddeen Shawai to be aired Wednesday Morning on Tambari TV on Nilesat.
Recall that the minister for finance minister Zainab Ahmed had sayed that the federal government was not carried along in the plan.
According to the statement titled ‘CBN has my backing in replacing Naira notes, says President Buhari,’ he said, “reasons given to him by the CBN convinced him that the economy’s 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,” the statement read.
He further added that ”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.”
Recall that Truthlive news had reported that the Central Bank of Nigeria, on October 26, announced its decision to redesign new N200, N500 and N1000 notes by December 15, 2022.
The existing notes would cease to be regarded as legal tender by January 31, 2023, CBN disclosed.
The CBN Governor, Dr Godwin Emefiele who explained why the move was neccesary lamented that 85 per cent of the currency in circulation is being hoarded by Nigerians.
Similarly, the CBN boss urged Nigerians to deposit their Naira notes, adding that the deposit fee would be waived for transactions below N150,000.
Emefiele added that the redesigning of Naira notes would help to curb counterfeit notes, as well as hamper ramson payment to terrorists and kidnappers.