…Says exercise aimed at people hoarding illicit funds, not common man
From Juliana Taiwo-Obalonye, Abuja
President Muhammadu Buhari has assured that government will ensure that the citizens’ businesses will be unharmed, adding that no disruption will be caused to the entire currency swap due to end in two days.
President Buhari was reacting to agitations and confusion trailing the currency-redesign policy of the Central Bank of Nigeria (CBN) and cash withdrawals limit.
This was even as he reiterated that a number of initiatives by the CBN 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.
In a statement by the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, Buhari, while reacting to reports of long queues of persons waiting for hours for their turn to deposit old notes and get new ones, triggering public anger and opposition’s criticism, reiterated that the currency change exercise was aimed at stopping people hoarding illicit funds and not the common man, adding that it had become necessary to prevent counterfeiting, corruption, and funding of terrorism. This, he assured, would stabilise and strengthen the economy.
President Buhari, while taking note that the poorest of society were facing hardship as they often keep cash at home for various expenses, gave strong assurances that the government would not leave them to their own fate.