Old naira notes: Buhari assures relief, says redesign targeted at hoarders

President Muhammadu Buhari says his administration will ensure that citizens are unharmed in their businesses over the January 31, 2023, deadline for the validity of old N200, N500, and N1,000 notes.

Buhari said no disruption will be caused to the entire supply chain arising from the deadline for the collection of the old naira notes.

Reacting to reports of long queues of people waiting for hours to deposit old notes and get new ones, triggering public anger and criticism, President Buhari reiterated that the currency changes were aimed at people hoarding illicit funds and not the common man, adding that it had become necessary to prevent counterfeits, corruption, and terrorist funding.

This, he assured, will stabilise and strengthen the economy.

He made this known via a statement issued by the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, on Saturday.

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 assured that the government will not leave them to their own fate.

He reiterated that a number of initiatives by the Central Bank of Nigeria (CBN) 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.

The Star