Currency Redesign: Buhari Backs CBN Against Finance Minister

* Says people with money buried won’t like it

By The Evangelist
October 31, 2022

President Muhammadu Buhari on Sunday threw his weight behind the decision of the Central Bank of Nigeria (CBN) to launch new designs and replace high-value Naira notes, announcing his support for the mobe and his conviction that the nation will gain a lot by doing so.

This was revealed in a terse statement issued by Garba Shehu, Senior Special Assistant to the President (Media & Publicity).

The statement disclosed that Buhari gave the backing to the apex bank while speaking in a Hausa radio interview to be aired Wednesday morning on Tambari TV on Nilesat.

According to the statement, President Buhari said reasons given to him by the CBN convinced him that the economy stood to benefit from a 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.

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