Why I Approved Redesign of Naira – Buhari

In defense of his decision to support the Central Bank of Nigeria’s (CBN) redesign of some naira notes, President Muhammadu Buhari claimed that he was sure that the economy would gain from lower inflation, less currency fraud, and less surplus cash in circulation.

In an interview with renowned journalists Halilu Getso and Kamaluddeen Shawai for a Hausa radio program that will air Wednesday morning on Tambari TV and Nilesat, President Buhari made this known, according to a statement from Garba Shehu, the senior special assistant to the president for media and publicity.

Shehu, in the statement, noted that the president said Nigeria has a lot to gain from the change in naira notes, adding that he did not consider the period of 3 months for the change to the new notes as being short.

Buhari said people with illicit money buried under the soil will have a challenge with the decision but workers, and businesses with legitimate incomes will face no difficulties at all.

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Shehu in the statement titled, ‘CBN Has My Backing in Replacing Naira Notes,’ said, “Buhari said reasons given to him by the CBN convinced him that the economy stood to benefit from a 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.”