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Buhari Approved CBN’s Currency Replacement Policy –Spokesman

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President Muhammadu Buhari has publicly given his support to the Central Bank of Nigeria’s plan to redesign and replace some naira notes.

In an interview granted to a Hausa language radio station Sunday, the president said Nigeria will gain a lot by doing so. 

That interview will air Wednesday morning on Tambari TV on Nilesat, according to a press release from President Buhari’s Senior Special Assistant on Media & Publicity, Garba Shehu.

''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 is quoted to have said.

The president also reportedly said he was convinced by the Central Bank's explanation that the currency replacement will lead to a reduction in inflation, currency counterfeiting, and the excess cash in circulation.

Last week Wednesday, CBN governor, Godwin Emefiele announced the planned redesign of the N100, N200, N500, and N1000 notes.

He said the new notes will be in circulation from December 2022 while existing currencies will no longer be legal tender from 31 January 2023.

On Friday, the Minister of Finance, Budget and National Planning, Zainab Ahmed opposed the policy and said her office was neither informed nor consulted by the Central Bank.


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