The President, Major General Muhammadu Buhari (retd.), stated on Saturday that the government’s currency swap initiative is not intended to harm innocent citizens but rather to target corrupt individuals and terror financiers who are hoarding illicit funds. He assured Nigerians that the government would take measures to ensure that they and their businesses would not suffer from disruptions in the supply chain resulting from the currency swap. This statement was made in response to reports of long queues of people waiting for hours to deposit old notes and receive new ones. The announcement was documented in a statement titled “Government will eliminate squeeze, chaos in currency swap, President Buhari assures,” which was signed by the President’s Senior Special Assistant on Media and Publicity, Garba Shehu.
Last November, the Central Bank of Nigeria (CBN) announced plans to redesign the N200, N500, and N1000 notes, giving the public until January 31, 2023, to return all old notes to commercial banks. During the unveiling of the new Naira notes at the State House on November 23, 2022, CBN Governor Godwin Emefiele emphasized that the January deadline would not be extended for any reason. However, as the deadline approached, reports indicated that the new notes in circulation were grossly insufficient, and many commercial banks and their automated teller machines continued to dispense old notes to customers.
In light of the long queues and public frustration, President Buhari reiterated that the currency changes were designed to address the issue of individuals hoarding illicit funds, not to penalize the average citizen. He acknowledged the hardships faced by the poorest segments of society, who often keep cash at home for various expenses, and assured them that the government would not abandon them. The statement highlighted that several initiatives by the Central Bank and commercial banks are underway to expedite the distribution of the new notes and prevent cash shortages and chaos.
Additionally, the All Progressives Congress (APC) presidential candidate, Bola Tinubu, alleged last Wednesday that the currency change was part of a plan to sabotage the upcoming February election. He pointed to the ongoing fuel crisis and the naira redesign as elements of a plot to disrupt the election and undermine his anticipated victory. During an APC presidential campaign rally at the MKO Abiola Stadium in Abeokuta, Ogun State, the former Lagos governor expressed his determination, stating in Yoruba, “They don’t want this election to hold. They want to scuttle it.” He added that regardless of fuel shortages or changes to the naira notes, voters would use their permanent voter cards (PVCs) to reclaim the government.
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