President Muhammadu Buhari on Saturday assured Nigerians that their businesses and entire supply chain would not be disrupted by the challenges arising from the naira currency swap “due to end shortly”.
The Central Bank of Nigeria has set a deadline of January 31st for the swap to end as Nigerians scramble to lay hands on the new currency notes that have become very scarce, even as calls intensify for an extension of the deadline.
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, the President 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 stabilize and strengthen the economy, said a statement issued by presidential spokesman, Garba Shehu.
“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 added.
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