As a result of the government’s currency reform policy, many Nigerians are “suffering hardship,” as President Muhammadu Buhari acknowledged on Saturday.
This was said by Mr. Buhari in a statement made by Garba Shehu, his spokeswoman.
While acknowledging that the most vulnerable members of society are struggling since they frequently have cash on hand for various reasons, President Buhari made unequivocal guarantees that the government would not abandon them to their fate, according to Mr. Shehu.
Prior to the deadline for the usage of the old notes on January 31st, our source revealed that millions of Nigerians have trouble accessing the new naira notes.
While many Nigerians have urged for a deadline extension, Mr. Buhari remained silent on the issue.
In his statement, Mr Shehu said the Buhari administration “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.”
Garba Shehu’s full statement:
President Muhammadu Buhari Saturday assured that 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 the distribution of the new notes and do all that is necessary to forestall cash squeeze and chaos.
Senior Special Assistant to the President