Buhari: I Approved CBN’s Move To Redesign Currency

President Muhammadu Buhari on Sunday gave reasons for supporting Central Bank of Nigeria to launch new designs and replace high value Naira notes.

This was as he noted that the nation would gain a lot by the new initiative, especially its impact on illicit monies.

According to a statement signed by his Senior Special Assistant on Media and Publicity, Garba Shehu, Buhari spoke in a Hausa radio interview with the famous journalists Halilu Getso and Kamaluddeen Shawai to be aired Wednesday Morning on Tambari TV on Nilesat.

Nigeria’s Currency

The statement is titled ‘CBN has my backing in replacing Naira notes, says President Buhari.’

Buhari said 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.

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

The President 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.”

PUNCH 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.

According to the CBN, the existing notes would cease to be regarded as legal tender by January 31, 2023.

Explaining the development, CBN Governor, Dr Godwin Emefiele, lamented that 85 per cent of the currency in circulation is being hoarded by Nigerians


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