He said he approved the policy because he was convinced it is in national interest.
In a statement by his Senior Special Assistant on Media and Publicity, Mallam Garba Shehu, the President said the only people people who have losses to incur will be those with illicit money hidden away, not those involved in legitimate businesses and workers.
According to the statement, the President spoke in a Hausa interview, which is scheduled to be aired on Wednesday.
“President Muhammadu Buhari on Sunday said that the decision of the Central Bank of Nigeria (CBN) to launch new designs and replace high value Naira notes had his support and is convinced that the nation will gain a lot by doing so.
“Speaking in a Hausa radio interview with the famous journalist Halilu Ahmed Getso, and Kamaluddeen Sani Shawai to be aired Wednesday Morning on Tambari TV on Nilesat, President Buhari said reasons given to him by the CBN convinced him that the economy stood to benefit from reduction in inflation, currency counterfeiting and the excess cash in circulation,” the statement reads.
He said he did not consider the period of three months for the change to the new notes as being short.
Quoting Buhari, the statement 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.”
In the interview, the President also addressed issues of food security and national security, among others.