President Muhammadu Buhari, on Sunday, backed the decision of the Central Bank of Nigeria, CBN, to launch new designs of the naira denominations.

Buhari said Nigerians with illicit money stashed in the soil would have problems with the new naira notes.

He, however, assured that Nigerians would gain a lot when the redesigned new notes are launched.

Recall that the CBN Governor, Godwin Emefiele had announced the launch of the redesigned naira notes on Friday.

Emefiele said the new notes would be launched on December 15, 2022.

Emefiele said the new currencies to be launched are N1,000, N500 and N200 notes.

However, the president said Nigerians with legitimate businesses would have no problem with the latest measure.

In a series of tweets, Buhari wrote: “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 under the soil will have a challenge with this but workers and businesses with legitimate incomes will face no difficulties at all.”

Buhari’s comment is contrary to remarks by the Minister of Finance, Budget, and National Planning, Zainab Ahmed on the CBN’s policy.

Ahmed had distanced herself from the planned naira redesign, stressing that the policy did not receive the blessing of her ministry.

She warned of the dire consequences.