Buhari gave strong assurances that he would not leave the poor to their own fate as Nigeria undergoes currency swap.
By Jeffrey Agbo
President Muhammadu Buhari has assured that his administration will ensure that the businesses of Nigerians do not suffer as the nation undergoes currency swap.
The old N200, N500 and N1,000 notes will cease to be legal tender on January 31.
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, President Buhari said on Saturday in a statement by his spokesperson, Garba Shehu, 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, will stabilise and strengthen the economy.
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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.