Nigerian President Muhammadu Buhari says he is fully in support of the Central Bank of Nigeria (CBN)’s move to redesign the naira notes.
The Central Bank of Nigeria on Friday, October 28 announced that the naira not will be redesigned and will be effective on December 15.
However, in a statement by his media aide Garba Shehu, the President said he is aware of the redesigning and that he is “convinced that the nation will gain a lot by doing so”.
The statement read, “President Buhari said reasons given to him by the CBN convinced him that the economy stood to benefit from the 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, and businesses with legitimate incomes will face no difficulties at all.”
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