The President of the Federal Republic of Nigeria, President Muhammadu Buhari has made his support known on the redesigning of the N1000, N500, and N200 notes by the CBN
President Buhari opines that the country will gain a lot from the exercise.
According to a statement issued yesterday by his spokesman, Mallam Garba Shehu, president Buhari told the central bank of Nigeria (CBN) that they have his support,
On a hausa radio interview with journalists Halilu Ahmed Getso and Kamaluddeen Sani Shawai, to be aired Wednesday, the president said the reasons given to him by the CBN convinced him that the process will help to reduce inflation, currency counterfeiting and excess cash in circulation.
He argued that he did not consider three months period announced for the change as too 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,” He said
The president also addressed critical issues facing Nigeria, like national security and food security.
The CBN also said that the changing and redesigning of the Naira notes will tackle the issues of vote buying and control the amount of Naira in circulation.