Buhari pledges to eliminate chaos in currency swap

President Muhammadu Buhari has assured that the federal government would 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 president gave the assurance yesterday while reacting to reports of long queues of people waiting for hours […]

President Muhammadu Buhari has assured that the federal government would 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 president gave the assurance yesterday while reacting to reports of long queues of people waiting for hours to deposit old notes and get new ones, triggering public anger and criticism.

In a statement issued by his spokesman, Malam Garba Shehu, President Buhari restated 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 terrorists’ funding. 

This, he assured, would stabilise and strengthen the economy.

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While taking note that the poorest section of society was facing hardship as they often keep hard cash at home for various expenses, the president assured that the government would not leave them to their own fate.

He reiterated that a number of initiatives by the Central Bank of Nigeria and all commercial banks were underway to speed up the distribution of the new notes and do all that was necessary to forestall cash squeeze and chaos.