President Muhammadu Buhari, on Saturday, revealed that the redesign of the Naira by his administration is targeted at those hoarding illicit funds, not the ordinary citizens.
Buhari, however, assured that the government will ensure that citizens are unharmed in their businesses, and that 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 citizens waiting for hours to deposit old notes and get new ones, Buhari reiterated that the redesign was aimed at people hoarding illicit funds, and not the common man, stressing that “it had become necessary to prevent counterfeits, corruption, and terrorism funding.”
He expressed optimism that the new effort will help to stabilise 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, Buhari gave strong assurances that the Federal government will not abandon them to their fate.
According to the president, a number of initiatives by the Central Bank of Nigeria (CBN), and all commercial banks are underway to speed up the distribution of the new notes besides doing all that is necessary to forestall cash squeeze and chaos.
