President Muhammadu Buhari has clarified that the Central Bank of Nigeria (CBN) has his backing on the decision to redesign the Naira notes.
Buhari said he approved the policy because he is convinced that it is in the national interest.
The Senior Special Assistant to the President on Media and Publicity, Mallam Garba Shehu, quoted Buhari as saying that the only persons who have losses to incur will be those with illicit money hidden away, not those involved in legitimate businesses and workers.
According to Shehu, the President spoke in a Hausa interview scheduled to be aired 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,” Shehu disclosed through a statement.
Earlier, the Minister of Finance, Budget and National Planning, Zainab Ahmed, had dissociated herself and her ministry from the CBN decision, saying she was not notified of the project.