Nigerian President, Muhammadu Buhari has said that the decision of the Central Bank of Nigeria (CBN) to launch new designs and replace high value Naira notes had his support and is convinced that the nation will gain a lot by doing so.
The President spoke 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.
He 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.
Buhari said further that he did not consider the period of three months for the change to the new notes as being short, according to the statement released by his aide, Garba Shehu.
The President 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.”
While in the interview, the Nigerian leader also addressed issues of food security and national security, among others.
Recalled that on October 26, 2022, the CBN Governor, Godwin Emefiele announced that the apex bank had obtained approval of the President to resign and issue new N200, N500 and N1000 notes that shall come into circulation by the 15th of December, 2022.
Buhari summons Security Chiefs to emergency meeting
Also, the President will on Monday meet with security chiefs in the nation’s capital, Abuja, to further review and strengthen security network in the country.
Buhari, who was initially scheduled to commission the National Agency for Science and Engineering Infrastructure (NASENI) new Technology and Innovation Complex, will receive briefs from the security chiefs, and interject on areas that need more attention.
According to the Senior Assistance to the President on Media and Publicity, Garba Shehu on Sunday, while commissioning of the NASENI complex will hold on a later date.