On Finance
President Muhammadu Buhari has confirmed that the decision of the Central Bank of Nigeria (CBN) to launch new designs and replace high-value Naira notes had his support and is convinced that the nation will gain a lot by doing so.
In a statement released by Garba Shehu, the
Senior Special Assistant to the President
(Media and Publicity), while speaking in a Hausa radio interview with the journalists, 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.
Buhari said that 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.
