President Muhammadu Buhari has explained why the government chose to replace outdated naira notes with new ones.
The President stated in a statement issued on Saturday by his senior special assistant on media and publicity, Garba Shehu, that the new naira notes were introduced to stop illegal monies, counterfeits, corruption, and terrorist funding.
President Buhari went on to say that the government’s policies were not intended to harm or cause hardship for the average man, but rather to stabilize and strengthen the economy.
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While acknowledging the difficulties Nigerians have faced in trying to exchange old notes for new ones before the Central Bank of Nigeria’s (CBN) January 31st deadline, President Buhari assured that the apex bank is working with commercial banks on initiatives to end long queues and prevent chaos over the distribution of new naira notes.
The statement reads: “President Muhammadu Buhari, Saturday assured that government will ensure that citizens are unharmed in their businesses and no disruption is caused to the entire supply chain arising from the currency swap due to end shortly.
“Reacting to reports of long queues of people waiting for hours for their turn to deposit old notes and get new ones, triggering public anger and opposition’s criticism, President Buhari reiterated that the currency changes were aimed at people hoarding illicit funds and not the common man, and that it had become necessary to prevent counterfeits, corruption, and terrorist funding.
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“This, he assured, will stabilize and strengthen the economy.
“While taking note that the poorest section of society is facing hardship as they often keep hard cash at home for various expenses, President Buhari gave strong assurances that the government will not leave them to their own fate.
“He reiterated that a number of initiatives by the Central Bank and all commercial banks are underway to speed up distribution of the new notes and do all that is necessary to forestall cash squeeze and chaos.”
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