“People with illicit money buried under the soil will have a challenge with this but workers and businesses with legitimate incomes will face no difficulties at all.” Twitter-President @MBuhari

 By Charles Edet

The controversy over CBN Governors, Naira redesigning and the reaction of the Finance Minister, has been put to rest by President Muhammadu Buhari.
At the weekend, 30th October, 2022, the President In his official Twitter Handle backed the decision of the Central Bank of Nigeria, CBN, to go ahead with his redesign project of the Naira.

The President said Nigerians with illicit money hidden in the soil would have problems with the new naira notes.
Buhari stated further that Nigerians would benefit more when the redesigned Naira notes are finally produced and launched for public transactions.

Nigerians will recall that the CBN Governor, Godwin Emefiele had announced the launch of the redesigned naira notes on Friday, the 21st of October, when the
CBN Governor revealed that the new notes would be launched on December 15, 2022.
He also mentioned the denominations of the new notes slated to be were , N1,000, N500 and N200 notes.
The President assured that Nigerians with legitimate businesses would have no problem with the latest measure of the CBN.
Buhari’s wrote in his Twitter handle: “President @MBuhari today said that the decision of the Central Bank of Nigeria
@cenbank to launch new designs and replace high value Naira notes had his support, and he is convinced that the nation will gain a lot by doing so.
“People with illicit money buried e under the soil will have a challenge with this but workers and businesses with legitimate incomes will face no difficulties at all.”
His comment is a denial of the press statement of the Minister of Finance, Budget, and National Planning, Zainab Ahmed on the CBN’s Naira redesign project and her claim that the Federal government, particularly her office was not aware of the plan to redesign the Naira notes.

The Minister had earlier distanced herself from the planned naira redesign, stressing that the policy did not receive the blessing of her ministry.
Reacting to the new development, a financial analyst, who preferred to be called Dogon expressed concern over the uncoordinated communication at the top echelon of the executive arm of government.

He decried the contradictions that always arise on issues of government policies, that often generated disagreement brings the government to disrepute.
However, he applauded the CBN governor’s Initiatives and said the President’s approval and support is a good certification to the redesigning of the Naira.

He pleaded that the government should not make the exercise of returning the old notes stressful.

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