President Muhammadu Buhari on Sunday said that he gave approval to the Central Bank of Nigeria (CBN) to redesign, produce and distribute N200, N500 and N1,000 bank notes.
Garba Shehu, Senior Special Assistant to the President on Media and Publicity confirmed this in a statement in Abuja.
Sheu quoted President Buhari as saying that he is “convinced is convinced that the nation will gain a lot by doing so.”
Buhari made the confirmation while 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 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,” he said.
In the interview, the President also addressed issues of food security and national security, among others.(vitalnewsngr.com)
