Buhari backs Emefiele over naira re-design

President Muhammadu Buhari, on Sunday, voiced his support for the decision of the Central Bank of Nigeria to launch new designs and replace high value Naira notes.

This was as he noted that the nation would gain a lot by the new initiative, especially its impact on illicit monies.

According to a statement  titled ‘CBN has my backing in replacing Naira notes’, signed by his Senior Special Assistant on Media and Publicity, Garba Shehu.

“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,” the statement read.

The President added that ”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.”

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