Nigeria: New Naira Notes – Govt Will Eliminate Squeeze, Chaos in Currency Swap – Buhari

There are reports across the country 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.

President Muhammadu Buhari says government will ensure that Nigerians are unharmed in their businesses and no disruption is caused to the entire supply chain arising from the currency swap due to end shortly.

The president gave the assurance in a statement by his spokespersons, Garba Shehu, on Saturday in Abuja.

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, triggering public anger and opposition’s criticism.

Mr Buhari reiterated that the currency changes were 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, would stabilise and strengthen the economy.

While taking note that the poorest section of society was facing hardship as they often kept hard cash at home for various expenses, Mr Buhari gave strong assurances that the government would not leave them to their own fate.

According to him, 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.

The News Agency of Nigeria (NAN) recalls that the CBN had fixed 31 January as the deadline for the use of the old naira notes.