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
According to a Sunday statement by his spokesperson, Garba Shehu, the president said the CBN’s decision had his support and he is convinced that Nigeria will gain a lot by doing so.
He said about 80 per cent of Nigerian currency was outside bank vaults with many hoarded by criminals, thus the reason for the policy. “We were not consulted at the Ministry of Finance by the CBN on the planned naira redesigning and cannot comment on it as regards merits or otherwise.”
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