buhari and naira notes

CBN, banks working to resolve scarcity of new naira notes – Buhari

Nigerian president, Muhammadu Buhari has on Saturday assured Nigerians that the scarcity of new naira notes will end soon, saying the Central Bank and commercial banks were working to resolve the challenges.

The President, in a statement by his Senior Special Assistant on Media & Publicity, Garba Shehu said “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,”

President Buhari added that the 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 was reacting to reports of long queues of people waiting for hours for their turn to deposit old notes and get new ones, saying the situation had triggered 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.

He said it had become necessary to prevent counterfeits, corruption, and terrorist funding.

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

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