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HomeBUSINESS: Buhari wades into new naira notes scarcity

[BREAKING]: Buhari wades into new naira notes scarcity

In a sign that the 31 January deadline for the swapping of old naira notes for new ones may be extended, President Muhammadu Buhari on Saturday waded in on the challenges being faced by Nigerians in getting the new currency.

He gave the assurance that his government will 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.

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, President Buhari reiterated 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 terrorist funding.

This, he assured, will 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

NEWSUPDATE247 reports that the Central Bank of Nigeria had announced that acceptance of old N200, N500 and N1000 notes will come to an end on 31 January, 2023.

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