MON, 31 OCT, 2022-theGBJournal| President Muhammadu Buhari has thrown his weight behind the move by the Central Bank of Nigeria (CBN) to redesign and replace the existing N200, N500 and N1,000 notes with new issues.
The President’s support comes amidst the rift between the CBN Governor, Godwin Emefiele and the Minister of the Federal Ministry of Finance, Budget and National Planning, Zainab Shamsuna Ahmed, who claimed she was not consulted before the policy pronouncement on the envisaged Naira redesign.
Garba Shehu, Senior Special Assistant to the President (Media & Publicity) issued the statement on behalf of the President late Sunday quoting the President as saying, that ‘’the decision of the CBN 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.’’
According to Shehu, the 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.
The President added in the statement that ‘’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.’’
The President’s statement, expats say, could help douse the tension between the CBN and the Federal Ministry of Finance, Budget and National Planning as well as help steady the nerves of local and foreign investors who were left bemused by the backlash against the CBN after it announced the impending changes to Naira note.
The Central Bank of Nigeria (CBN) had announced plans to redesign, produce and circulate new local legal tender of N100, N200, N500, and N1,000. This is effective December 15, 2022, while the old and new notes circulate together until January 31, 2023, when the old notes would cease to be legal tender in Nigeria. The Naira has not been redesigned in the last 20 years.
Meanwhile, President Muhammadu Buhari will today meet with security chiefs in the nation’s capital, Abuja, to further review and strengthen security network in the country.
The President, who was initially scheduled to commission the National Agency for Science and Engineering Infrastructure (NASENI) new Technology and Innovation Complex, will receive briefs from the security chiefs, and interject on areas that need more attention.
The Presidency said the commissioning of the NASENI complex will hold on a later date.
Twitter-@theGBJournal| Facebook-The Government and Business Journal|email: gbj@govbusinessjournal.ng|govandbusinessj@gmail.com
