New Naira redesign is aimed at corrupt individuals and terrorist financiers rather than poor Nigerians: Buhari

 BY: News Peddlers

President Muhammadu Buhari

The decision to redesign the naira, according to the president, was made to combat corruption, terrorism financing, and illicit fund hoarding.

President Muhammadu Buhari has stated that efforts are being made to increase the distribution of the new naira notes.

The decision to redesign the naira, according to Garba Shehu, the president's spokesperson, was made to combat corruption, terrorism financing, and illicit fund hoarding.

According to SaharaReporters, commercial banks in parts of the country were still loading old N1000, N500, and N200 banknotes into their Automated Teller Machines (ATMs) despite the fact that they were no longer legal tender.

Furthermore, investigations revealed that POS operators, particularly in the South-East and North-East states monitored, continued to issue old banknotes to their customers.

While acknowledging reports of long lines at banks, President Muhammadu Buhari stated that the Central Bank of Nigeria (CBN) was working on initiatives to "prevent chaos" surrounding the distribution of the new notes.

"President Muhammadu Buhari assured on Saturday that the government will ensure that citizens are not harmed in their businesses and that there is no disruption to the entire supply chain as a result of the currency swap, which is set to end soon," according to the statement.

"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 promised, will stabilise 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 the Central Bank and all commercial banks are undertaking a number of initiatives to accelerate the distribution of the new notes and do everything possible to avoid cash squeeze and chaos."