Why we redesigned naira notes – Buhari 

CITIZENS COMPASS– President of the Federal Republic of Nigeria, Muhammadu Buhari, on Saturday, said the redesigned naira notes are not targeted at the masses but corrupt persons and terror financiers hoarding illicit monies.

He also assured Nigerians that the redesigned notes will be made available such that currency swap will not negatively affect the businesses of innocent Nigerians.

Buhari’s Special Assistant on Media and Publicity, Garba Shehu, in a statement on Saturday, said the president was reacting to reports of long queues of people waiting for hours for their turn to deposit old notes and get new ones.

The statement was titled ‘Government will eliminate squeeze, chaos in currency swap, President Buhari assures.’

Recall that in November 2022,  the Central Bank announced that it will redesign the N200, N500 and N1000 notes of the Naira.

It said the populace has until January 31, 2023, to return all old notes to commercial banks.

At the unveiling of the new Naira notes at the State House on November 23 2022, the CBN governor, Godwin Emefiele, told journalists that the January deadline remains sacrosanct and will it be shifted for any reason.

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, Buhari reiterated that the currency changes were aimed at people hoarding illicit funds and not the common man.

He said the changes had become necessary to prevent counterfeits, corruption, and terrorist funding and also to 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,” the statement read in part.

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