Currency Swap To Tackle Hoarders Of Illicit Funds, Not Common Man – Buhari

President Muhammadu Buhari, Saturday assured that government will 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 on January 31, 2023.

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 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.

In a statement signed by the Special Assistant to the President on Media and Publicity, Garba Shehu, this, he assured, will stabilise and strengthen the economy.

While taking note that the poorest section of society was 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 of Nigeria (CBN) and all commercial banks were underway to speed up distribution of the new notes and do all that is necessary to forestall cash squeeze and chaos.