President Muhammadu Buhari has declared support for the move by the Central Bank of Nigeria to redesign the three largest denominations of the naira.
President Buhari said reasons given to him by the CBN convinced him that the economy stood to benefit from the reduction in inflation, currency counterfeiting and the excess cash in circulation.
”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 an interview with the NTA after meeting his Royal Majesty, King Charles III in Buckingham Palace, on Wednesday, Buhari said politicians won’t be allowed to mobilise resources and thugs to intimidate voters in the 2023 general elections.
The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, announced on October 26, 2022, the Naira redesign policy.
Buhari said “No going back. My aim is to make sure that Nigerians believe that we respect them as an administration.
“So, Nigerians should vote for whoever they like from whichever political party. Nobody will be allowed to mobilise resources and thugs to intimidate people in any constituency. That is what I want to go down in Nigerian history for as a leader.”
The president also said he met with King Charles III to foster Nigeria’s bilateral relationship with the United Kingdom.
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