Naira Notes New Design: Buhari Confirms Support For CBN

Central Bank of Nigeria Boss, Mr. Godwin Emefiele

By Frank Oshanugor

President Muhammadu Buhari on Sunday came in defence of the Central Bank of Nigeria (CBN) Governor; Mr. Godwin Emefiele in the controversy that has trailed the proposed redesigning of naira notes of various denominations.

The President 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 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 (which would 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.

In a press statement on Sunday by presidential spokesman; Garba Shehu, Buhari was quoted as having 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.

It will be recalled that a few days ago, Nigeria’s Finance Minister Zainab Ahmed had denied knowledge of CBN’s intention to carry out the redesigning as fiscal measure in checking the illegal money in circulation among other things.

The denial by the Minister stoked a reaction from the CBN Governor who authoritatively asserted the right of the apex bank to take such decision with the approval of the President.

Written by: Frank Oshanugor

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