President Muhammadu Buhari has stated the Central Bank of Nigeria has his backing in the naira note redesign project.
This follows controversy trailing the decision to introduce new naira notes.
He said he approved the policy because he was convinced it is in the national interest, adding that the process will only affect some set of people.
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In a statement by his Senior Special Assistant on Media and Publicity, Mallam Garba Shehu, the President said the only people who have losses to incur will be those with illicit money hidden away.
The statement stated that the President spoke in a Hausa interview which is scheduled to be aired on Wednesday.
The statement read:
“President Muhammadu Buhari on Sunday said 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.
“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 a reduction in inflation, currency counterfeiting and the excess cash in circulation.”
On the timing of the project, Buhari said he did not consider three months for the change to the new notes as being short.
The statement said:
“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 also addressed issues of food security and national security, among others in the interview.
