President Muhammadu Buhari has said the Central Bank of Nigeria (CBN) has his backing to redesign the naira notes.

According to the president, Nigeria has a lot to gain from the change in naira notes.

He added that he did not consider the period of three months as too short for the change of the notes.

President 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,” end of quote.

Reacting to the controversy that has ensued since the announcement of the development by the CBN Governor, Godwin Emefiele, a political economist and former presidential hopeful, Kingsley Moghalu said the CBN is an independent body.

The former Deputy Governor of the Central Bank of Nigeria said it is odd that the finance minister would say she was not aware of the move, considering that the ministry’s permanent secretary is on the CBN board.