President Buhari announced that the recent redesign of the 1,000, 500, and 200 denominations of the naira is aimed at tackling individuals hoarding illicit funds, not impacting the daily transactions of regular citizens. He stated that the currency swap introduced by the Central Bank of Nigeria (CBN) four months ago was specifically designed to target hoarders of illegal funds and not ordinary citizens.
President Buhari stated that the currency redesign is aimed at stabilizing and strengthening the economy. He was responding to reports of long lines and wait times for citizens to exchange old notes for new ones, which had sparked public frustration and criticism from opposition parties. The President explained that the redesign was also necessary in order to combat counterfeiting, corruption, and the funding of terrorism. He reassured citizens that the government will take measures to ensure that businesses and the overall supply chain will not be affected by the currency swap which is due to end soon.
President Buhari acknowledged that the redesign of the currency has caused hardship for the poorest segment of society who tend to keep hard cash at home for expenses. He emphasized that the government will not abandon them and provided strong assurances that the government will take action to alleviate the difficulties caused by the currency swap. He also mentioned that the Central Bank of Nigeria (CBN) and commercial banks are implementing various initiatives to speed up the distribution of new notes and prevent cash shortages and chaos.
Source: ThisDay Live