The redesign and replacement of the N1,000, N500, and N200 note with effect from December 15 has been approved by President Muhammadu Buhari.
The Central Bank of Nigeria (CBN) announced on Sunday in response to the outcry that followed the announcement of the intention to introduce the redesigned naira notes into circulation, Buhari made this statement.
The President said he was certain that the economy would gain from a decrease in inflation, counterfeiting and the amount of extra currency in circulation in a statement released through Garba Shehu, his special assistant for media and publicity.
According to a press release, the President stated that he supported the Central Bank of Nigeria’s (CBN) decision to replace high-value naira notes with new designs and that he was confident the country will benefit.
Following the announcement by Zainab Ahmed, Minister of Finance, Budget, and National Planning, that the central bank did not involve her ministry in its plan to redesign and introduce new naira notes, the President confirmed that he supported the CBN’s action.
Speaking in a Hausa radio interview with renowned journalist Halilu Ahmed Getso and Kamaluddeen Sani Shawai, which will air on Tambari TV in Nilesat on Wednesday morning, President Buhari claimed that the CBN’s arguments persuaded him that the economy would benefit from a decline in inflation, a decrease in currency forgery, and the removal of extra cash from circulation.
He claimed that he did not view the transition to the new notes as taking three months.
People who have hidden cash will find it tough, he claimed, while employees and firms with genuine incomes won’t have any problems at all.
Among other things, the President spoke about national security and food security.