President Muhammadu Buhari has clarified that the decision of the Central Bank of Nigeria (CBN), to design and replace high value Naira notes had his support, assuring that the nation would gain immensely from the action.
Buhari made the clarification in a statement issued by his Special Assistant on Media and Publicity, Mallam Garba Shehu on Sunday, October 30, 2022.
Recall, the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed had accused the CBN of not carrying her ministry along in the exercise.
However, the President says the reasons given to him by the CBN have convinced him that the economy stands to benefit from reduction in inflation, currency counterfeiting, and excess cash in circulation.
He points out that the three-month deadline given for the change of the currency to the new notes was most appropriate.
”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 stresses.