Naira Swap Designed To Punish Cash Hoarders, Buhari Explains

President Muhammadu Buhari has assured Nigerians that the government he heads 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.

Buhari made this known while reacting to reports of long queues of people waiting for hours to deposit old notes and get new ones, a situation which has triggered public anger and criticism from the opposition.

According to a statement by his Senior Special Assistant on Media and Publicity, Garba Shehu, the President underscored that the currency swap targets people hoarding illicit funds and not the common man.

He maintained that it had become necessary to prevent counterfeits, corruption, and terrorist funding, assuring the public that the change will help stabilise and strengthen the economy.

Read Also: Why I Abandoned My First Job, Buhari Recounts Experience

While taking note that the poorest section of society is facing hardship as they often keep hard cash at home for various expenses, the President further 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 of Nigeria (CBN) 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.

The CBN first informed Nigerians about the plan to redesign the N200, N500, and N1,000 banknotes on October 26, 2022, saying the old notes would no longer be valid after January 31, 2023.

Africa Today News, New York recalls that Buhari had in December 2022 unveiled the new notes.

Africa Today News, New York

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