Nigeria’s President Muhammadu Buhari, Sunday stated that he gave approval for the Central Bank of Nigeria (CBN) to redesign and replace N1,000, N500, and N200 notes, saying the country would gain a lot from the exercise.
The President stated this through a statement issued by his spokesman, Mallam Garba Shehu, adding that the CBN’s decision had his support.
Buhari said reasons given by the CBN for the change of banknotes convinced him that the economy stood to benefit in terms of reduction in inflation, currency counterfeiting, and excess cash in circulation.
The president said he did not consider the three months period announced for the change to the new notes as short.
He said- “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,” the statement quoted Buhari as saying.