President Buhari said that he supports the Central Bank of Nigeria's (CBN), move to reform the naira notes.

Remember that the apex bank's decision to redesign N1,000, N500 and N200 notes caused a stir last week after the Minister of Finance, Budget and National Planning, Zainab Ahmed, said she informed about the decision.

Howevwer, Garba Shehu, his media aide, stated that the President is aware of the need for redesigning and 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.

He said he did not consider the period of three months for the change to the new notes as being short.

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” the statement read