Buhari explains why he approved the redesign of new Naira notes

President Muhammadu Buhari, in defense of his approval of the Central Bank of Nigeria’s (CBN)’s redesign of some naira notes, said he was convinced that the economy stood to benefit from reduction in inflation, currency counterfeiting, and excess cash in circulation.

The president, who voiced his support for the decision to launch new designs and replace high-value naira notes noted that Nigeria would gain a lot from the new initiative, especially its impact on illicit monies.

According to a statement by the senior special assistant to the president on media and publicity, Garba Shehu, this was made known by President Buhari while speaking in a Hausa radio interview with famous journalists Halilu Getso and Kamaluddeen Shawai, which will be aired Wednesday morning on Tambari TV and Nilesat.

Shehu, in the statement, noted that the president said Nigeria has a lot to gain from the change in naira notes, adding that he did not consider the period of 3 months for the change to the new notes as being short.

Buhari said people with illicit money buried under the soil will have a challenge with the decision but workers, and businesses with legitimate incomes will face no difficulties at all.

Shehu in the statement titled, ‘CBN Has My Backing in Replacing Naira Notes,’ said, “Buhari said reasons given to him by the CBN convinced him that the economy stood to benefit from a 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.

"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.”