On Sunday, President Muhammadu Buhari supported the Central Bank of Nigeria’s (CBN) decision to introduce new designs for the naira denominations.
Buhari claimed that the new naira notes will cause problems for Nigerians who had hidden illegal funds in the country’s soil.
However, he promised that when the newly designed notes are introduced, Nigerians would benefit greatly.
Remember that on Friday, CBN Governor Godwin Emefiele announced the introduction of the newly designed naira notes.
The new notes would be on sale on December 15, 2022, according to Emefiele.
The new bills, according to Emefiele, are the N1,000, N500, and N200 notes.
However, the president claimed that Nigerians running genuine businesses wouldn’t be affected by the most recent regulation.
Buhari tweeted a succession of things, including: “President @MBuhari today said that the Central Bank of Nigeria’s decision
@cenbank to introduce fresh models and swap out expensive He backed Naira Notes because he believed the country would benefit much from doing so.
“People with hidden unlawful wealth will find it tough, while workers and firms with legal revenue will have no problems at all.”
The statement made by Buhari contradicts those made on the CBN’s policy by Zainab Ahmed, the minister of finance, budget, and national planning.
Ahmed had stated that her government had not approved of the proposed naira makeover and had therefore distanced herself from it.
She forewarned of the severe repercussions.