The presidency has for the first time made an attempt to
explain the idea behind the hurried redesign of some naira notes, saying it was
mainly targeted at frustrating some elite Nigerians who hoard illicit cash.
Senior Special Assistant on Media and Publicity to the
President, Garba Shehu, in a statement on Saturday said contrary to
insinuations, it is not targeted at the common man in the streets.
According to the presidency, government is not resting on
its oars to see that citizens’ businesses are safe.
It regretted the disruption caused to the entire supply
chain arising from the swap, assuring that it is due to end shortly.
Recall that since the deadline imposed by the Central Bank
of Nigeria which is due to elapse on 31st January, there had been reports of
long queues of people waiting for hours for their turn to deposit old notes and
get new ones.
The development, it was observed has triggered public anger
and widespread criticism.
“The currency changes is aimed at people hoarding illicit
funds and not the common man, it became necessary to prevent counterfeits, corruption,
and terrorist financing. It will stabilize and strengthen the economy on the
long run,” Shehu stated on behalf of the presidency.
The Federal Government, however, acknowledged that the
poorest section of society is facing untold hardship as they often keep hard
cash at home for various expenses.
“Be rest assured that the government will not leave them to
their own fate.
“A number of initiatives by the Central Bank and all
commercial banks are currently underway to speed up distribution of the new
notes we will take all necessary actions to forestall cash squeeze and chaos,”
the presidency noted.
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