PRESIDENT Muhammadu Buhari has promised that the government will make sure that people’ businesses are not affected and that the soon-to-end currency swap won’t disrupt the entire supply chain.
The President gave the reassurance yesterday in response to reports of long lines of people waiting for hours for their turn to exchange their old notes for new ones, which angered the public and drew condemnation from the opposition.
In a statement released by his spokesperson, Malam Garba Shehu, President Buhari reiterated that the currency changes were intended to target those who were hoarding illegal funds rather than the general public and that it had become necessary to stop counterfeiting, corruption, and terrorist funding.
He promised that this will strengthen and stabilize the economy.
While acknowledging that the most vulnerable members of society were struggling because they frequently had cash on hand for various needs, the president reassured them that the government would not abandon them to their fate.
President Muhammadu Buhari, today 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 shortly,” the statement reads.
“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.
“This, he assured, will stabilize and strengthen the economy.
“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.”
He reiterated that a number of initiatives by the Central Bank and all commercial banks were underway to speed up distribution of the new notes and do all that was necessary to forestall cash squeeze and chaos.
