By Kola Adeyemi
Abuja – President Muhammadu Buhari on Saturday says a number of initiatives by the Central Bank of Nigeria (CBN) and all commercial banks are underway to speed up distribution of the new N200, N500, and N1,000 notes across the country.
The president stated this in a statement issued in Abuja on Saturday
He said the CBN and the banks are doing all that is necessary to forestall cash squeeze and ease the chaos currently associated with new currency notes swap
President Buhari assured that his administration will ensure that no disruption is caused to the entire supply chain arising from the new Naira notes swap due to end shortly.
Buhari in the statement in said the Federal Government will ensure that citizens are unharmed in their businesses.
The President in the statement signed by Garba Shehu, his
Senior Special Assistant on
media and publicity was reacting to reports of long queues of people waiting for hours for their turn to deposit old notes and get new ones.
The development has been triggering public anger and opposition’s criticism across the country.
President Buhari, however, reiterated that the currency changes had become necessary to prevent counterfeits, corruption, and terrorism funding.
According yo him, the policy is aimed at people hoarding illicit funds and not the common man.
He assured that the move will stabilise and strengthen the nation’s 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,” the statement said. (vitalnewsngr.com)
