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 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.
“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.”
In the interview, the President also addressed issues of food security and national security, among others.
Chronicle NG reports that the apex bank on 26 October announced that President Buhari approved redesign, production, and circulation of new series of N200, N500, and N1,000 banknotes.
Emefiele said the issuance of new naira notes, 20 years after last redesign exercise, will commence December 15, 2022.
The apex bank also said new and existing currencies shall remain legal tender and circulate together until January 31, 2023 when the existing currencies shall cease to be legal tender.
The CBN cited the high rate of counterfeiting of N500 and N1,000 banknotes as one of the reasons to redesign the notes.
