Failure To Scrap Fuel Subsidy, Cash Shortage Major Fiscal Risk To Nigeria’s Economy - FocusEconomics

Why I Support CBN’s New Naira Designs – Buhari

2 years ago
1 min read

President Muhammadu Buhari on Sunday said that the decision of the Central Bank of Nigeria (CBN) to launch new designs to 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  journalists 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.

READ ALSO: LCCI Kicks Against Redesign Of Naira Notes

Buhari, according to a statement circulated by his Senior Special Assistant (Media & Publicity), Shehu Garba, 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.”

In the  interview, the President also addressed issues of food security and national security, among others.



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