President Muhammadu Buhari has cleared the air on the controversy surrounding the move by the Central Bank of Nigeria (CBN) to redesign the naira notes.
According to the president, Nigeria has a lot to gain from the change in naira notes.
He added that only Nigerians with illicit money stashed in the soil would have problems with the new naira notes.
In a series of tweets, Buhari wrote: “President @MBuhari today said that the decision of the Central Bank of Nigeria
@cenbank to launch new designs and replace high value Naira notes had his support, and he is convinced that the nation will gain a lot by doing so.
“People with illicit money buried under the soil will have a challenge with this but workers and businesses with legitimate incomes will face no difficulties at all.”
On October 26, Godwin Emefiele, governor of the CBN, announced the plan to redesign the naira to control money supply and aid security agencies in tackling illicit financial flow.
Emefiele said the new notes N1,000, N500 and N200 notes would be launched on December 15, 2022.
Meanwhile, Zainab Ahmed, minister of finance, said the finance Ministry was not consulted by the CBN.
