On Saturday, the President, Major General Muhammadu Buhari said the Naira currency swap is not meant to target innocent citizens but corrupt persons and terror financiers hoarding illicit monies.

The President assured Nigerians that the government will ensure that they and their ventures face no harm from disruptions caused to the entire supply chain arising from the currency swap.

According to a statement signed on Saturday, Buhari reacted to reports of long queues at the point of depositing the old currency at the banks. The queues made Nigerian citizens spend long hours waiting to swap their monies.

The statement titled ‘Government will eliminate squeeze, chaos in currency swap, President Buhari assures,” was signed by the President’s Senior Special Assistant on Media and Publicity, Garba Shehu.

It should be noted that last November, the Central Bank of Nigeria (CBN), announced that it will redesign the N200, N500 and N1000 notes of the Naira.

It said the populace had until January 31, 2023 to deposit all old notes to commercial banks.

At the unveiling of the new Naira notes at the State House on November 23, 2022, the CBN governor, Godwin Emefiele, said that the January deadline remains sacrosanct.

However, as Nigerians inch closer to the deadline, The PUNCH reports that the new notes in circulation have been grossly insufficient.

Reacting to reports of the challenges of deposit, triggering public anger and opposition’s criticism, Buhari reiterated that the currency changes were aimed at people hoarding illicit funds and not the common man.

He said the changes had become necessary to prevent counterfeits, corruption, and terrorist funding and also to 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 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,” the statement read in part.

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