On Sunday, President Muhammadu Buhari stated that he supported the Central Bank of Nigeria’s (CBN) decision to replace high-value notes with new ones and is confident that doing so will be beneficial for the country.
President Buhari said reasons provided to him by the CBN convinced him that the economy stood to benefit from a decrease in inflation, currency counterfeiting, and the excess cash in circulation during an interview on Hausa radio with the renowned journalist Halilu Ahmed Getso and Kamaluddeen Sani Shawai, which will be broadcast on Wednesday Morning on Tambari TV on Nilesat.
According to Malam Garba Shehu, Senior Special Assistant to the President for Media & Publicity, the president stated that he did not think the three-month transition period to the new notes was too short.
People who have hidden cash will find it tough, while employees and firms with genuine incomes won’t have any problems at all.
Among other things, the President talked about national security and food security during the interview.
