Buhari Endorses Nigeria Cash Plan as Finance Minister Balks
- Finance minister says decision may weaken naira against dollar
- Optimistic Buhari says policy will curb liquidity, inflation
Muhammadu Buhari
Photographer: Phill Magakoe/AFP/Getty Images
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Nigeria’s President Muhammadu Buhari backed a plan to reissue high-value currency notes, barely a day after his finance minister questioned the move, giving the central bank the support it needs to execute the controversial policy.
The central bank announced last week that it plans to redesign the 200-, 500-, and 1000-naira notes in a bid to mop up excess cash liquidity and take control of money supply in Africa’s biggest economy. But critics including Finance Zainab Ahmed have argued that the move will weaken the monetary unit at a time of record inflation.