President Muhammadu Buhari on Sunday said that the decision of the Central Bank of Nigeria (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.
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.
He said he did not consider the period of three months for the change to the new notes as being short.
“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.”
In the interview, the President also addressed issues of food security and national security, among others.
POLITICS NIGERIA recalls that the CBN’s announcement was met with stiff opposition from the country’s finance minister, Zainab Ahmed.
She stated that the move will negatively affect the economy and expressed sadness that the CBN governor, Godwin Emefiele did not consult with her ministry before making the move.
“We were not consulted. It was an announcement that we heard,” she said.
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Its good for the economy
Same old and outdated macro economic tactics that will leave Nigerians more impoverished.
For the purpose of credible inputs and inclusiveness in policy formulation, implementation, and acceptability, CBN should have endeavoured to embark on wide consultation with the relevant agencies and stakeholders, especially the Ministry of Finance.
If we continue hanging on consultations and getting approval ministries, depts, agencies etc, then we shall get to nowhere. We should learn not to interfere or meddle where we are not supposed to. CBN has the backing and approval of the President, same happens the world over.
Politicians who have buried or hoarded their money should bring it to me. I put the money in productive VENTURES and remit the money to them six months after the introduction of the new currency.
This is not good for the economy, instead of them to bring dollar back to 100 and change the naira note,they don’t even understand what they are doing,they want to use this opportunity to squander nigeria money and leave the remaining consequences to the next government, congratulations to nigeria naira note
It is well, I hope it help our economy to be standardized and our NIRA will stand its value in the current exchanged
I’m so very interested for that.
Good
decision
Maybe the minister of finance is one of those who have cash caches in the soil
It will help Nigerians peoples
For Finance Minister not to be carried along on this matter is a signal.
I think government, though made up of many parts, should be a form of an organized system which carries every part along in any direction it goes or intend to go just like a vehicle or any other organized machine. A car cannot go or move smoothly without it’s wheels or engine or any of its other integral parts.
Let’s be discreet on how this would help the economy, how would it help the Naira in the FOREX market? There are a lot of policies in this country without being precised on it’s benefit to the people of country. 80% of cash note is beyond reach, look them, after collecting bogus sum for minting of currency notes…
Changing the currency, what legacy has it have to contribute to the presence situation of the country?
The finance minister is irked because her ego has been bruised. The Central Bank Governor did not consult with her.
I’m glad he didn’t. She would have done everything to truncate the idea. One wonders whose interest she’s seeking to protect. Kudos to Mr President for giving the go ahead to change the currency. This is one thing I praise him for.
If only is for the benefit of the nation but still am not too convinced about it.
Please i want this comment I made to be published because this our government they are not doing things right what we need in this economy or in this our country is not the re-signing of the currency naira they should yank out 1000,500 from our currency so that the highest currency we you have should be 200 not 1,000 please they should not deceive us again. we should do the right thing which we know. America is older than our country but they don’t have 500 USA dollars in a single note. Ok now that they wants to resign the money of what benefits will it change the economy of the nation to will it reduce the cost of living nope So I don’t see any benefit in it. If they think that resigning the money is the only way that those people that took those money will return it. Will they go and tell bank this person money is too much don’t allow him or her to withdraw the money again. Please tell me I’m thinking this is not the way the only Way is for them as I was saying before then yank out 1000 naira 500 naira from our currency let the highest naira note should be 200 naira I’m telling you the cost of living will definitely reduce because you will not carry 200 and go and buy a cup of rice 200 as the highest currency no as the highest currency.1000 and 500 need to be removed this is my suggestion anything is right they should do the right thing 1000 naira is the downfall of Nigeria currency with anybody likes it or not.
It’s good for Nigeria because five naira and tin naira are not moving
Its too expensive for the country at this point in time.
That’s a serious abnormal communication gap between d president & his finance minister
our dear president loves his people and he knows the best 4 his people.MY DEAR PRESIDENT carry on
Why will u say so how does he no the best 4 his people yet every thing is cost what Paul ukefi said is right let them remove 500 and 1000 let me no if one cup of rice will now be sold at the highest currency
Abdullahi Adamu 1629 32
The only problem with the naira change is the conspicuous Arabic inscription on them. Nigeria is not an Arabic nation and we have our own languages that can be used
So minister no fit ask before she talk ahbi
Currency changing is not our problem but dia for the sake of more embezzlement..u can’t fool us,if favour all una the politicians because u know u can come change ur hidden figures…u can’t fool us with all this…is new currency our problem? I don’t blame una because u all know u eat enough as u like,are safe,u got the money to fly to anoda man country as una like…build us,una no dey shame ni…make arrangements for the inflammation to deflated that all the masses needed
Yes u are there
This is a good move; it will stabilize Nigeria Economy situation
changes of money it will cause many problem in
Changing our currency is not our problem dear president.our problem is that our money doesn’t have value.if u can change our currency from naria to dollars no problem.or u make our currency to have value like other president did so that poor masses will also gain from it.here in South East we don’t use coins and I have not see a country or a state that is not using coins.dear president if you can make our currency to have value move on we love you.thinks