Naira redesign was made to tackle corruption, Terrorism, and illicit funding- President Buhari

President of the Federal Republic of Nigeria, President Buhari has made remarks concerning the Naira redesigning and Change of old currency notes.

The president who spoke through his spokesperson, Garba Shehu said the decision to redesign the naira was made to address corruption, terrorism financing, and illicit fund hoarding.

Also, he added that efforts are being made to ensure that the new naira notes are distributed across the nation as most commercial banks still issue old notes in their Automated Teller Machines (ATM).

Though CBN has given directives that commercial banks should start dispensing the redesigned notes, a small percentage of the population has had access to the new money.

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Furthermore, Buhari in acknowledging the reports of long lines at banks, stated that the Central Bank of Nigeria (CBN) was working on initiatives to “prevent chaos” surrounding the distribution of the new notes.

He assured that the Nigerian 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.

In reaction to reports of people waiting endlessly for the new currency, President Buhari iterated that the change of currency was aimed at people hoarding illicit funds and not to hurt the common man.

Stating further that the change in currency was necessary to prevent counterfeits, corruption, and funding of terrorists.

Furthermore, he assured that even the poorest section of the society facing hardship will get aid from the government, as the government will not leave them to their fate.

He further stated the Central Bank and other Commercial Banks have put initiatives in place to speed up the distribution of the new Naira notes.

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