President Muhammadu Buhari has said that he is aware of the difficulties ordinary Nigeria’s are encountering in the process of trying to deposit the old naira notes as the deadline to do so grinds to the end.
He assured such Nigerians that his government will ensure that they are not harmed in their businesses and no disruption is caused to the entire supply chain arising from the currency swap.
President Buhari was reacting, in a statement by his spokesman, Garba Shehu, to reports of long queues of people waiting for hours for their turn to deposit old notes and get new ones, thereby triggering public anger and opposition’s criticism.
President Buhari reiterated that the currency changes are aimed at people hoarding illicit funds and not the common man, and that it had become necessary to prevent counterfeits, corruption, and terrorist funding. This, he assured, will stabilize and strengthen the economy.
Buhari acknowledged 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.
According to the President, 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.