It is no longer news that the highest Naira denominations (₦1,000, ₦500, and ₦200) have been redesigned by the Central Bank of Nigeria (CBN).
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| President of Nigeria, Muhammadu Buhari |
The Apex Bank expects the old notes be swapped for the newly redesigned ones, and the deadline for the swap is 31 January, 2023.
According to a Press Statement by the State House, “President Buhari reiterated that the currency changes were aimed at people hoarding illicit funds and not the common man”.
Buhari further buttressed, the essence of the redesigning of the Naira notes was “to prevent counterfeits, corruption, and terrorist funding”, as well as to “stabilize and strengthen the economy”.
State House Press Statement on currency swap:
President Muhammadu Buhari, Saturday assured that government will ensure that citizens are unharmed in their businesses and no disruption is caused to the entire supply chain arising from the currency swap due to end shortly.
Reacting to reports of long queues of people waiting for hours for their turn to deposit old notes and get new ones, triggering public anger and opposition’s criticism, 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 counterfeits, 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 Cantral Bank of Nigeria 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.
