Naira Redesign: Buhari Ignores Finance Minister, backs CBN
…. Says CBN Action has his approval
President Muhammadu Buhari says the decision of the Central Bank of Nigeria, CBN, to launch new designs and replace high value Naira notes had his support, assuring that the nation will gain immensely from the action.
In a statement by the Special Assistant to the President on Media and Publicity, Mallam Garba Shehu, the President says reasons given to him by the CBN have convinced him that the economy stands to benefit from reduction in inflation, currency counterfeiting, and excess cash in circulation.
He pointed out that the three-month deadline given for the change in currency to the new notes is most appropriate.
”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”, the President stresses.
Business Africa Digest recalls that the Central Bank of Nigeria(CBN) had recently insisted that it followed due process and got appropriate approvals for the redesigning of new Naira notes backed with extant laws and regulations.
The development was in apparent response to claims by the Minister of Finance, Budget and National Planning, Zainab Ahmad, that her ministry was not carried along by the Central Bank of Nigeria (CBN), in the ongoing process of redesigning the Naira notes..
Speaking some newmen Abuja, Friday night, CBN Director of Corporate Communications Department, Mr Mr. Osita Nwanisobi, expressed surprise at the minister’s claim, stressing that the CBN remains a very thorough institution that follows due process in its policy actions.
According to him, the Management of the CBN, in line with provisions of section 2(b), section 18(a), and section 19(a)(b) of the CBN Act 2007, had duly sought and obtained the approval of President Muhammadu Buhari in writing to redesign, produce, release and circulate new series of N200, N500, and N1,000 banknotes.
Urging Nigerians to support the currency redesign project, Nwanisobi said it was in the overall interest of Nigerians, reiterating that some persons were hoarding significant sums of banknotes outside the vaults of commercial banks. This trend, he said, should not be encouraged by anyone who means well for the country.
