President Muhammadu Buhari has put to rest controversies created by the Ministry of Finance, Budget and National Planning over the decision of the Central Bank of Nigeria (CNN) to redesign Naira Notes.
The Minister of Finance, Zainab Ahmed had claimed that the Federal Government was not aware of the apex bank’s decision and she was not consulted but of according to Buhari, the CBN had his backing on the decision.
He added that he approved the policy because he was convinced that it was in the the nation’s interest.
According to report, the President in a statement by his Senior Special Assistant on Media and Publicity, Mallam Garba Shehu, noted that the only people the policy will negatively affect are those who had stockpiled illicit money, not people with legitimate businesses.
Shehu’s statement said “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 stands to benefit from the reduction in inflation, currency counterfeiting and the excess cash in circulation.”
The President, who said he didn’t think the three-month notice to the implementation of the policy is short, 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.”
