President Muhammadu Buhari have given his permission to the move by the Central Bank of Nigeria to redesign the #200, #500 and #500 denomination, despite
Zainab Ahmed the Nigeria finance minister, position of not being briefed on the development believing that the policy is ill timed, with interior motive.
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.
The President was quoted saying ” 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 Nigeria Central Bank Governor Mr Emefiele confirmed that the new notes will be valid from February 2023, when the old currency will be declared illegal. He opined that 80 percent of the country currency was outside bank vaults with many hoarded by criminal elements, thereby necessitating the policy.
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