Buhari, Moghalu Backs Emefiele’s Call for Naira Re-design Amidst Finance Minister’s Rejection


Buhari backs Emefiele over naira re-design

President Muhammadu Buhari stated Wednesday that he supports the Central Bank of Nigeria (CBN) in its plan to redesign Naira notes, despite controversy surrounding the Finance Minister’s, Mrs. Zainab Ahmed’s, attitude on the matter.

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At the weekend, Ahmed claimed that the CBN had failed to include her Ministry in the development of the new Naira note plan and issued a dire warning that the new notes might have a negative impact on the value of the Naira.


Buhari, however, stated that he is confident the country will benefit greatly from doing so in a statement provided by Mallam Garba Shehu, his Senior Special Assistant on Media and Publicity.

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In an interview with Halilu Ahmed Getso and Kamaluddeen Sani Shawai on Hausa radio, Buhari stated that the CBN’s justifications had persuaded him that the economy would gain from a decline in inflation, currency forgery, and the amount of extra cash in circulation.

Moghalu supports the CBN’s planned redesign of the naira, saying that it “will reduce high inflation.”

Former CBN deputy Governor, Moghalu has thrown his weight behind Godwin Emefiele the current CBN Governor on his calls for Naira Re-design saying it will reduce the country’s current inflation.


Moghalu claimed he did not think the three-month transition period to the new notes was too brief.

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He claimed that while “workers and businesses with legitimate incomes will face no difficulties at all,” “people with illicit money buried beneath the soil will have a challenge with this.”

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