The controversy surrounding the introduction of new naira notes has been addressed by President Muhammadu Buhari, who declared that he supports the Central Bank of Nigeria (CBN).

He claimed that he had supported the policy because he was sure it was in the country’s best interests.

According to a statement by his Senior Special Assistant on Media and Publicity, Mallam Garba Shehu, the only persons who will suffer losses are those who are involved in legitimate enterprises and employees, not those who have illicit money stashed away.

The statement claims that the President made his comments during a Hausa interview that would air on Wednesday.

“President Muhammadu Buhari stated on Sunday that he supported the Central Bank of Nigeria’s (CBN) decision to introduce new designs and replace high value Naira notes and is confident that the country will benefit greatly from doing so.

The statement reads: “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 interview was conducted in Hausa and will be broadcast on Tambari TV on Nilesat on Wednesday Morning.”

In the interview, the President also addressed issues of food security and national security, among others.