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HomeTop NewsNew naira policy targets at curbing corrupt, terrorism ~President Buhari

New naira policy targets at curbing corrupt, terrorism ~President Buhari

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The decision to redesign Nigeria’s naira notes and phase out the old banknotes by January 31, was target was at corrupt persons and terror financiers hoarding illicit monies, according to President Mohammadu Buhari on Saturday.

A statement by presidential spokesman, Garba Shehu quoted the president as saying that the government will ensure that Nigerians and their businesses will face no harm from disruptions caused to the entire supply chain arising from the currency swap.

Buhari was reacting to reports of long queues of people waiting for hours for their turn to deposit old notes and get new ones.

“Government will eliminate squeeze, chaos in currency swap, President Buhari assures,” the statement quoted Buhari as saying.

READ ALSO:Lagos to divert traffic from old toll gate to Berger from Monday for 3-month 

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, 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 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,” the president was quoted as saying.

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