Why CBN changed banknotes, gave deadline in currency swap – Buhari
President Muhammadu Buhari Saturday assured Nigerians that the federal government would ensure that citizens are unharmed in their businesses and no disruption is caused to the entire supply chain arising from the currency swap due to end shortly.
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 stabilise and strengthen the economy.
While stressing that the poorest section of society is facing hardship as they often keep hard cash at home for various expenses, the President gave assurances that the government would not leave them to their own fate.
He reiterated that 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.