Economy
How CBN Will Prevent Chaos Over Scarcity Of New Naira Notes – Buhari
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The CBN is set to phase out the use of the old N200, N500, and N1,000 notes from February 1, 2023.
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The apex bank has resisted various calls to extend the deadline despite the shortage of the new notes.
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The situation has elicited a reaction from the president who is assuring Nigerians that they will be unharmed.
Eko Hot Blog reports that President Muhammadu Buhari has revealed that the Central Bank of Nigeria (CBN) is making efforts to improve the distribution of the new naira notes.
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The president made the disclosure in a statement issued by his spokesperson, Garba Shehu on Saturday.
Buhari, who noted that the redesign of the naira notes was to address hoarding of illicit funds, acknowledged reports of long queues at banks.
President Muhammadu Buhari
While assuring Nigerians that the January 31 deadline to phase out old naira notes will not harm them, the president said the CBN is working on initiatives to “prevent chaos” over the distribution of the new notes.
“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,” the statement reads.
“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 distribution of the new notes and do all that is necessary to forestall cash squeeze and chaos.”
FURTHER READING
Meanwhile, the CBN has insisted on the deadline for the validity of the old naira notes despite numerous calls for an extension.
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