*Garba Shehu, media aide to Nigerian President Muhammadu Buhari, discloses the President duly approves the CBN the Naira redesign project, declaring that ‘people with illicit money … will have a challenge with this, but workers, businesses with legitimate incomes will face no difficulties at all’

*Analysts advocate Naira ‘redenomination’ in view of the current economic realities

Gbenga Kayode | ConsumerConnect

The Presidency has declared President Muhammadu Buhari supports the Central Bank of Nigeria (CBN) to redesign, produce and circulate new high value Naira notes in the West African country.

Malam Garba Shehu, Senior Special Assistant (SSA) to the President on Media and Publicity, who disclosed this Sunday, October 30, 2022, in Abuja, FCT, noted President Buhari made his position known while speaking on a recent interview with Hausa Radio in the Presidential Villa, Abuja, FCT.

It was learnt the English version of the interview is slated for publication Wednesday, November 2, 2022.

Recall Mr. Godwin Emefiele, Governor of CBN, at a media briefing Wednesday last week, said the Bank has the approval of the President, “in writing”, to effect the changes in the designs, and release new banknotes in N200, N500 and N1,000 denominations respectively.

ConsumerConnect had reported that Mrs. Zainab Ahmed, Honourable Minister for Finance, Budget and National Planning, however, at a 2023 Budget defence session Friday, October 28, 2022, told a Senate Committee, that the CBN did not carry her Ministry along in the Bankers’ Bank plan to redesign and issue new denominations of the  the national currency.

Mrs. Ahmed has faulted the process as ill-timed, and feigned ignorance of what the objectives of the currency redesign project  are.

Buhari, nonetheless, said he was convinced that the Nigeria would gain a lot by CBN’s decision to redesign the affected Naira notes.

According to Shehu, the President stated that the reasons the CBN advanced for the project convinced him that the country’s economy stands to benefit from reduced inflation rate, currency counterfeiting, black money, and excess liquidity (cash) in circulation.

On CBN’s timeline for Naira redesign, release

The President’s media Aide also said Buhari stated he did not consider the period of three months for the change to the new notes as being short, agency report noted.

Buhari 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.”

Meanwhile, some economic analysts have contended that the CBN, rather should concentrate on shoring up the value of the national currency.

The analysts on a private Radio early morning programme aired Monday, October 31, 2022, said though the redesign of the banks falls within the purview of the apex Bank’s statutory responsibility, the banking regulator should do more of what they described as “redenomination” of the Naira towards enhancing the value of the currency.

According to analysts, currency redenomination in view of the current economic realities in Nigeria will boost the Naira Purchasing Power Parity (PPP) vis-a-vis other international currencies.