President Muhammadu Buhari on Saturday said the naira redesign is aimed at addressing corruption and terrorism.
He disclosed that the government’s currency swap is not targeted at innocent citizens but corrupt persons and terror financiers hoarding illicit monies.
He also assured Nigerians that the government will ensure that they and their businesses will face no danger from disruptions caused to the entire supply chain arising from the currency swap.
According to a statement signed on Saturday by the President’s Senior Special Assistant on Media and Publicity, Garba Shehu, Buhari 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 is titled ‘Government will eliminate squeeze, chaos in currency swap, President Buhari assures.’
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.