President Buhari Backs CBN’s Move to Redesign the Naira Notes.

President Muhammadu Buhari yesterday said he is fully in support of the Central Bank of Nigeria CBN’s move to redesign the naira notes, adding that he is convinced that the nation will gain a lot by doing so.

Speaking in a Hausa radio interview Buhari said reasons presented 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, stressing that he did not consider the period of three months for the change to the new notes as being short.

The President stated further that People with illicit money buried under the soil will have a challenge with the redesign of the 1,000 Naira, 500 Naira, and 200 Naira notes, effective from December 1, but workers, and businesses with legitimate incomes will face no difficulties at all.

Buhari also yesterday summoned security chiefs to an emergency meeting in Abuja today to further review and strengthen the security network in the country amid terror alerts of impending attacks on the Nigerian capital.