Nigerian President Backs Redesigning Of Naira Notes

President Muhammadu Buhari says he is fully in support of the Central Bank of Nigeria's move to redesign the naira notes. <br />The CBN had last week said it will redesign the N1,000, N500 and N200 notes, effective December 1, a development that has elicited mixed reactions. <br />President Buhari says 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. <br />He says he did not consider the period of three months for the change to the new notes as being short.