After the Minister of Finance, Budget and National Planning , Zainab Ahmad, publicly opposed the decision of the Central Bank of Nigeria (CBN) launch new designs and replace high value Naira notes, President Muhammadu Buhari on Sunday backs the apex bank’s governor on the policy.
The President is reportedly convinced that the nation will gain a lot by doing so in a statement signed by his Senior Special Assistant on Media and Publicity, Mallam Garba Shehu.
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Speaking in a Hausa radio interview with the famous journalist Halilu Ahmed Getso, and Kamaluddeen Sani Shawai to be aired Wednesday Morning on Tambari TV on Nilesat, President 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.
”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.”
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In the interview, the President also addressed issues of food security and national security, among others.
The Finance Minister had, during the 2023 budget defence session, warned CBN of consequences that may arise from it.