Banks working to speed up new naira notes distribution, Buhari pleads for patience

President Muhammadu Buhari has said the Central Bank of Nigeria and all commercial banks are working on strategies to ease the trouble created by the ongoing exchange of old naira notes for newly redesigned notes as the January 31 deadline closes in.

He said the Federal Government would ensure citizens are not harmed in their businesses and no disruption is caused to the entire supply chain arising from the currency swap.

The President stated this on Saturday while reacting to reports of long queues of people at the banks waiting for hours to deposit old notes and get new ones.

This is contained in a statement issued by Buhari’s spokesman, Malam Garba Shehu.

The statement read in part, “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 counterfeit, 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.”