According to Buhari, the CBN had his approval for the decision to issue new naira notes, and he approved the policy because he was confident it was in the national interest.

The President stated in a statement issued by his Senior Special Assistant on Media and Publicity, Mallam Garba Shehu, that the policy will only affect those hiding illicit money and not people with legitimate businesses.

Recall that the Minister of Finance, Budget and National Planning, Amina Ahmed disclosed last Friday that she and her ministry were not consulted or had prior information about the redesigning of the N200, N500 and N1000 notes.

Shehu’s statement said “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 the reduction in inflation, currency counterfeiting and the excess cash in circulation.”

The President, who said he didn’t think the three-month notice to the implementation of the policy is short, said ”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.”