Currency Swap Aimed At Checking Illicit Funds – Presidency

By Ayodele Oni

The presidency has waded into crisis and confusion over the change in colour of Nigerian currency, as it gives reason for the currency swap.

President Muhammadu Buhari, 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 two days time.

He was reacting on Saturday 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.

The statement, signed by Garba Shehu, a presidential spokesman, states that “Government is 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 distribution of the new notes and do all that is necessary to forestall cash squeeze and chaos.