Banking

Naira redesign: CBN has my approval, Buhari clarifies

The President, Major General Muhammadu Buhari (retd), has confirmed that the Central Bank of Nigeria has his approval to redesign the naira notes.

AMBusiness reported that the apex bank announced that the N100, N200, N500, and N1000 notes will be redesigned as the Nigerian currency battles its worst devaluation in recent years.

This publication also reported that a few days after the announcement by the CBN Governor, Godwin Emefiele, the Minister of Finance, Budget and National Planning, Zainab Ahmad, while speaking at the 2023 budget defence session revealed that she wasn’t consulted before the announcement.

She added that if done(redesigned), the move would cause great consequences for the nation and its economy, warning the CBN of consequences that may arise from it.

However, in reaction on Saturday, the apex bank insisted that it notified the president before making the move.

Backing the CBN, Buhari in a statement by his Senior Special Assistant on Media and Publicity, Mallam Garba Shehu, the President said the only people who have losses to incur will be those with illicit money hidden away, not those involved in legitimate businesses and workers.

According to the statement, the President spoke in a Hausa interview, which is scheduled to be aired on Wednesday.

“President Muhammadu Buhari on Sunday said that the decision of the Central Bank of Nigeria to launch new designs and replace high-value Naira notes had his support and is convinced that the nation will gain a lot by doing so.

“Speaking in a Hausa radio interview with the famous journalist Halilu Ahmed Getso, and Kamaluddeen Sani Shawai to be aired Wednesday Morning on Tambari TV on Nilesat, 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,” the statement reads.

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