Currency redesign meant to curb illicit hoarding, says Buhari

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President Muhammadu Buhari has reassured citizens that the government’s currency swap is not meant to target innocent individuals, but rather corrupt individuals and those involved in terror financing who hoard illicit funds.

He also emphasized that the government will take measures to ensure that individuals and their businesses will not be negatively impacted by disruptions to the supply chain caused by the currency swap.

The President’s statements come in response to reports of long lines and delays as people wait to exchange old notes for new ones.

The Central Bank of Nigeria announced in November 2022 that it would redesign the N200, N500 and N1000 notes and gave the public until January 31, 2023 to exchange old notes at commercial banks.

However, as the deadline approaches, there have been reports of a shortage of new notes and commercial banks still dispensing old notes.

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