October 31,2022

President Muhammadu Buhari has backed the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, on the planned redesign of Naira notes.

Emefiele had last Wednesday announced that the new N200, 500, and N1000 notes would be released into circulation by the apex bank effective from December 15.

However, the Minister of Finance, Budget and National Planning, Zainab Ahmed, stunned Nigerians when he told members of the National Assembly on Friday that the ministry was not contacted on the planned redesign of the Naira notes.

She stressed that the implementation of the policy at this time would negatively affect the value of the Naira against foreign currencies.

Emefiele promptly responded by stating that the president was fully in support of the idea

The development has elicited reactions with many recalling disagreements among officials in the administration of President Buhari, who has now declared his support for Emefiele on the move to redesign the Naira.

President Buhari, according to a statement issued by his Senior Special Assistant on Media and Publicity, Garba Shehu, confirmed he approved the plan while speaking in a Hausa radio programme with Halilu Ahmed Getso and Kamaluddeen Sani Shawai

He stressed that the short notice period would not put the Naira at a disadvantage against foreign currencies

Buhari said the only people affected by the policy are those with illicit funds and not those with legitimate work.

The president said: ”People with illicit money buried under the soil will have a challenge with this but workers and businesses with legitimate incomes will face no difficulties at all.”