Naira redesign: CBN has my backing, Buhari declares

Muhammadu Buhari, Nigeria’s president, has said he gave approval for the Central Bank of Nigeria (CBN) to redesign and replace N1,000, N500 and N200 notes, effective December 15.

The president stated this on Sunday, in reaction to the claim by Zainab Ahmed, minister of finance and national planning who noted during an appearance before the senate committee on finance last week, that her ministry was not consulted over the plan to redesign the naira.

Buhari who stated this in a statement issued through his Special Assistant on Media and Publicity Garba Shehu, said he was convinced that the economy stood to benefit from reduction in inflation, counterfeiting and excess cash in circulation.

The president, according to a release said the decision of the Central Bank of Nigeria (CBN) to launch new designs and replace high value naira notes had his support and he was convinced that the nation will benefit from it.

This President’s confirmation of his endorsement of the CBN’s move is coming on the heels of Minister of Finance, Budget and National Planning, Zainab Ahmed’s declaration that the apex bank did not carry her ministry along in its plan to redesign and roll out new naira notes.

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, President Buhari said the reasons given to him by the CBN convinced him that the economy stood to benefit through reduction in inflation, currency counterfeiting and mopping up of excess cash from circulation.

He said he did not consider the period of three months for the change to the new notes as being short.

He said, ”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.