Presidency backs CBN plans to redesign and replace naira notes.

President Muhammadu Buhari said the Central Bank of Nigeria (CBN) in it’s plans to redesign and replace high value Naira notes as the nation will gain a lot from it.

The President who made this known on Sunday while speaking in a Hausa radio interview with some Journalists 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 added that the period of three months for the change to the new notes is not 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.”

In the interview, the President also addressed issues of food security and national security, among others.

The President statement is coming few days after the Minister of Finance , Budget and National Planning , Zainab Ahmad distanced herself and the ministry from the policy.

Zainab during the 2023 budget defence session with Senate Committee on Finance , warned that the CBN against some underlying consequences of its action .


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