Naira Redesigning: Those Who Like Burying Money In The Ground, It Will Hit Them Soon – Buhari

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The President, Major General Muhammadu Buhari (retd), on Sunday, said he gave the Central Bank of Nigeria, CBN, approval to redesign and replace N1,000, N500 and N200 notes, effective December 15.

The Nigerian leader who stated this in a statement issued through Mallam Garba Shehu, his Special Assistant on Media and Publicity, said he is convinced that the economy stood to benefit from reduction in inflation, counterfeiting and excess cash in circulation.

Recall that the Minister of Finance, Budget and National Planning, Zainab Ahmed, had declared that the apex bank did not carry her ministry along in its plan to redesign and roll out new naira notes.

The Nigerian leader who stated this in reaction to the outrage that greeted the announcement of the plan to introduce the redesigned naira notes into circulation said the reasons given to him by the the apex bank convinced him that the economy stood to benefit through reduction in inflation, currency counterfeiting and mopping up of excess cash from circulation.

The President 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.”

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