Garba Shehu, Senior Special Assistant on Media and Publicity to the President
An attempt was for the first time on Saturday made by the Presidency to explain the reason behind the hasty redesign of some Naira notes.
Garba Shehu, Senior Special Assistant on Media and Publicity to the President, in a statement on Saturday said contrary to insinuations, it was not targeted at the common man in the streets, mainly aimed at frustrating some elite Nigerians who hoard illicit cash.
The Presidency said government was not resting on its oars to see that citizens’ businesses were safe, just as it expressed regret over the disruption caused to the entire supply chain arising from the swap, assuring that it was due to end shortly.
Since the deadline imposed by the Central Bank of Nigeria which is due to elapse on 31st January, there has been reports of long queues of people waiting for hours for their turn to deposit old notes and get new ones.
The development, our reporter observed, had triggered public anger and widespread criticism.
Stated Stated Shehu on behalf of the Presidency: “The currency changes is aimed at people hoarding illicit funds and not the common man, it became necessary to prevent counterfeits, corruption, and terrorist financing. It will stabilise and strengthen the economy on the long run”.
The Federal Government, however, acknowledged that the poorest section of society was facing untold hardship as they often keep hard cash at home for various expenses.
“Be rest assured that the government will not leave them to their own fate.
Noted the presidency noted: “A number of initiatives by the Central Bank and all commercial banks are currently underway to speed up distribution of the new notes; we will take all necessary actions to forestall cash squeeze and chaos”.
