The President Muhammadu Buhari-led government has provided an explanation for the hasty redesign of some naira notes, claiming that the major motivation was to annoy some wealthy Nigerians who stockpile illicit funds.
In a statement on Saturday, Senior Special Assistant on Media and Publicity to the President, Garba Shehu, claimed that the policy is not directed towards the average person on the street.
“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 stabilize and strengthen the economy on the long run,” the statement by Garba Shehu read.
Since the Central Bank of Nigeria enforced a deadline that is slated to expire on January 31, there have been reports of long queues of people waiting hours in banks to deposit old notes and acquire new ones.
The development has led prominent Nigerians to clamour for a further extension to the deadline for the phasing out of old naira notes.
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