‘CBN has my backing’ — Buhari disowns Finance Minister over naira redesign

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 has his support.

President Buhari in a statement by his Senior Special Assistant on Media and Publicity, Mallam Garba Shehu said he was 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.

He said he did not consider the period of three months for the change to the new notes as being short.

According to him, ”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 statement further said that President Buhari In the interview, also addressed issues of food security and national security, among others.