By Chibuike Nwabuko
Abuja (Sundiata Post) – In what appeared to be a direct reply to the Minister of Finance, the Presidency Sunday said that the Central Bank of Nigeria (CBN) has the full backing of President Muhammadu Buhari in launching new designs and replace high value Naira notes and is convinced that the nation will gain a lot by doing so.
Speaking 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, President Buhari 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.
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.”
In the interview, the President also addressed issues of food security and national security, among others.
Sundiata Post recalls that the Minister of Finance had, while fielding questions from journalists on the redesigning of naira notes by the Central Bank of Nigeria (CBN) said that the timing of the policy is wrong and has negative implications.