President Muhammadu Buhari said on Sunday that he supports the Central Bank of Nigeria’s (CBN) decision to introduce new designs and replace high-value Naira notes.
President Buhari stated in a statement issued by his Senior Special Assistant on Media and Publicity, Mallam Garba Shehu, that he is confident that the nation will benefit greatly from doing so.
President Buhari stated in a Hausa radio interview with famous journalist Halilu Ahmed Getso and Kamaluddeen Sani Shawai to be aired Wednesday Morning on Tambari TV on Nilesat that reasons given to him by the CBN convinced him that the economy would benefit from a reduction in inflation, currency counterfeiting, and excess cash in circulation.
He stated that he did not consider the three-month transition period to the new notes to be short.
According to him, ”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 statement further said that President Buhari In the interview, also addressed issues of food security and national security, among others.