President Muhammadu Buhari says that the decision of the Central Bank of Nigeria (CBN) to launch new designs and replace high value Naira notes had his support and he is convinced that the country will gain a lot by doing so.
The senior special assistant to the president on media and publicity Garba Shehu disclosed that President Buhari confirmed giving his approval for the new policy during a Hausa radio interview to be aired Wednesday.
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.
He said he did not consider the period of three months for the change to the new notes as being short.
Mr. President said only 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.