President Muhammadu Buhari on Sunday affirmed that he authorised the decision of the Central Bank of Nigeria (CBN) to launch new designs and replace high value Naira notes.
According to the President, he was convinced that the nation would gain a lot by the measure, which was announced by CBN Governor, Godwin Emefiele.
Minister of Finance, Zainab Ahmed, had caused a ripple when she told federal lawmakers that she was not consulted before the decision was taken by the apex bank.
But speaking in a Hausa radio interview to be aired Wednesday morning on Tambari TV, accessible on Nilesat, the President stamped his feet on the CBN policy.
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, according to a press statement issued by his spokesman, Garba Shehu.
”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”, the president said in the interview.
He also addressed issues of food security and national security, among others, the statement added.
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