Real Reason Why I Approved Naira Redesign, Buhari Finally Revealed –

Real Reason Why I Approved Naira Redesign, Buhari Finally Speaks

Real Reason Why I Approved Naira Redesign, Buhari Finally Speaks

Those doing legitimate business have nothing to fear over the approved naira redesign, President Muhammadu Buhari, said on Sunday.

Explaining why he approved the policy, the President said that those who have hidden huge cash illegally would have challenges exchanging them for the new notes.

The President’s confirmation that he gave his nod to the Central Bank of Nigeria (CBN) to redesign the local currency put paid to the raging controversy following Governor Godwin Emefiele’s announcement on the planned naira redesign.

At the weekend, the minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, said she and other Federal Executive Council (FEC) members were not consulted by the CBN boss before the announcement last Wednesday.

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But the President said he gave his approval because he was convinced “it is in national interest”.

In a statement issued 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.

Shehu said the President spoke his mind in a Hausa interview, which is scheduled to be aired on Wednesday.

The statement reads: “President Muhammadu Buhari on Sunday said that the decision of the CBN 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.

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“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.”

According to the President, the three-month window given for the change to the new notes was not short.

Quoting the President, the statement 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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