President Muhammadu Buhari says he is fully in support of the Central Bank of Nigeria (CBN)’s move to redesign the naira notes. 

The CBN had last week said it will redesign the 1,000, 500 and 200 naira notes, effective December 1, a development that has elicited mixed reactions.

But in a statement by his media aide Garba Shehu, the President said he is convinced that the nation will gain a lot by doing so.

President Buhari said reasons given to him by the CBN convinced him that the economy stood to benefit from the reduction in inflation, currency counterfeiting and the excess cash in circulation.