CBN has Buhari’s backing to redesign naira notes – Presidency comments on controversy

The presidency has commented on the controversy that trailed the Central Bank of Nigeria’s announcement of redesigning some Naira notes.

Recall that shortly after CBN Governor, Godwin Emefiele announced the plan to redesign the Naira to control the money supply and aid security agencies in tackling illicit financial flow, Minister of Finance, Zainab Ahmed said her ministry was not consulted by the CBN before taking the decision.

Responding to Zainab’s disclosure, CBN’s spokesperson, Osita Nwanisobi stated that the apex bank sought the approval of the president in line with provisions of Section 2(b), Section 18(a), and Section 19(a)(b) of the CBN Act, 2007.

Reacting to the controversy the announcement has incited, the president’s spokesperson, Garba Shehu said Nigerians with legitimate sources of income have nothing to fear for the naira redesign.

Shehu who spoke on behalf of the presidency in a Hausa radio interview with Halilu Ahmed Getso and Kamaluddeen Sani Shawai said the CBN has President Muhammadu Buhari’s backing to redesign the Naira.

According to him, Nigeria has a lot to gain from the change in naira notes. 

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.”

Also stressing that he does not consider three months for the change to the new notes as being short, Shehu added that the CBN was able to get President Muhammadu Buhari’s support by convincing him that the economy stood to benefit from a reduction in inflation, currency counterfeiting and the excess cash in circulation.