President Muhammadu Buhari has thrown his weight behind the decision of the Central Bank of Nigeria (CBN), to redesign and reissue new Naira notes.
The CBN Governor, Godwin Emefiele, had on Wednesday, said that the apex bank would redesign the N200, N500 and N1000 notes.
Emefiele had said the action was taken in order to take control of the currency in circulation, as well as security concerns.
Reacting to the policy, President said Nigeria will gain a lot by doing so.
The President spoke on Sunday, in a terse statement issued by his Senior Special Assistant on Media and Publicity, Garba Shehu.
The statement disclosed that Buhari gave the backing to the apex bank while speaking in a Hausa radio interview to be aired Wednesday morning, on Tambari TV, on Nilesat.
According to the statement, President Buhari said reasons given to him by the CBN convinced him that the economy stood to benefit from a 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.
”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”, President said.
The statement also revealed that in the interview, the President also addressed issues of food security and national security, among others.
Recalled that the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, had last week told the Senate Committee on Finance, that she was not consulted over the decision by the CBN, warning that the new notes could have dire consequences on the value of the Naira.
Chairman of the Committee, Senator Opeyemi Bamidele, had told the minister that barely two days after the announcement of the plan, the effect on the value of the naira to the US dollar was being felt.