Naira Redesign: CBN Or Finance Minister? Buhari FINALLY DISCUSSES HIS POINT OF VIEW

Naira Redesign: CBN Or Finance Minister? Buhari FINALLY DISCUSSES HIS POINT OF VIEW

Abuja – The Central Bank of Nigeria (CBN) has proposed redesigning the naira notes, and President Muhammadu Buhari has stated his view on the plan.

In an interview with Tambari TV on Sunday, October 30, President Buhari stated that the CBN has his full support and consent to move forward with the redesign. Vanguard News

The president stated that the apex bank provided him with sufficient justifications for why the notes should be modified in order to justify his assent.

Buhari claimed, citing the CBN, that a decline in inflation, currency forgery, and the amount of extra cash in circulation would be advantageous for the Nigerian economy.

As reported by Punch, Garba Shehu, a presidential media advisor, issued the following statement:

“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.

READ MORE:Fears Over The CBN’s Plans To Redesign Banknotes Cause The Naira To Drop Further

“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.”

He continued by saying that the three-month deadline set by the bank for the makeover is also not short.

Buhari The CBN had said that it adhered to due process with regard to the three series of the naira process amidst criticism around the intention to redesign the currency.

Osita Nwanisobi, the apex bank’s spokesperson, made this statement in response to Zainab Ahmed, the minister of finance, budget, and national planning, who claimed that her ministry had not been carried along.