Buhari Allays Concerns over Shortage of Naira Notes, Says CBN Working to Eliminate Chaos *Reiterates policy targeted at hoarders of illicit funds, not businesses, common man *Declares it will stop counterfeits, corruption, funding of terr
*Declares it will stop counterfeits, corruption, funding of terrorism*NBA, Atiku seek policy review, deadline extensionPresident Muhammadu Buhari yesterday allayed concerns over the Central Bank of Nigeria cash swap and the naira redesign project, promising Nigerians that the apex bank was doing everything necessary to ensure that their businesses are not hurt.
But as the deadline draws closer, more pressure has been mounted on the CBN for a review of the policy and the extension of the deadline. The statement by the president may have been in reaction to Governor of Kano State, Abdullahi Ganduje, who had written to Buhari, announcing the postponement of the president planned visit to the state, citing complaints by Kano residents over the hardship being faced in getting the new naira notes.
Owing to that, the CBN had introduced the cash swap policy, mostly in rural areas to ease the retirement of the old banknotes. However, Buhari yesterday promised that his government would ensure that the citizens were unharmed in their businesses and that no disruption is caused to the entire supply chain arising from the currency swap due to end shortly.
“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. In the video, Emefiele said, “Unfortunately, I don’t have good news for those who feel we should shift the deadline, my apologies.
While applauding the policy, which he described as a worldwide practice, Atiku stressed that the deadline should be slightly adjusted. “I’m aware of the challenges that farmers and others, like artisans, in remote areas of the country go through in moving cash from remote areas to commercial banks for conversion.
The NBA urged that due considerations and position of the law be followed, insisting that the law allows Nigerians to redeem their old naira notes at the CBN even after the January 31, 2023 deadline. The ACF in a statement, expressed concern that ordinary people, especially, in the North will lose their hard-earned money, if the dateline is not extended.
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