In response to the issue surrounding the introduction of new naira notes, President Muhammadu Buhari has indicated that he supports the Central Bank of Nigeria (CBN).
He claimed he did so because he was persuaded it was in the country’s best interests.
According to a statement by his Senior Special Assistant on Media and Publicity, Mallam Garba Shehu, only those with hidden amounts of illegal currency will suffer losses, not employees or those operating legal enterprises.
The statement claims that the President spoke in an interview with a Hausa broadcaster that will air on Wednesday.
“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,” the statement reads.
He said he did not consider the period of three months for the change to the new notes as being short.
Quoting Buhari, the statement 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.”
In the interview, the President also addressed issues of food security and national security, among others.
