Buhari Finally Reveals Reasons For Naira Redesign, Promises To Stabilise New Notes Supply Soon
The President of the Federal Republic of Nigeria, Muhammadu Buhari has stated that the government’s currency swap is not meant to target innocent citizens but corrupt persons and terror financiers hoarding illicit monies.
He disclosed this on Saturday while assuring Nigerians that the government will ensure that they and their businesses will face no harm 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.’
It would be recalled that last November, the Central Bank announced that it would redesign the series of 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.
Meanwhile, in 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 not be shifted for any reason.
Nonetheless, the difficulties and complaints about the swap of the old and the new naira notes have eventually compelled the CBN to extend the deadline by 10 days.