President Muhammadu Buhari has backed the Central Bank of Nigeria (CBN) to phase out the current 200, 500, and 1000 naira notes by Tuesday, January 31.
The Presidency in a statement said Buhari insisted that the deadline is "aimed at people hoarding illicit funds and not the common man, and that it had become necessary…The Presidency in a statement said Buhari insisted that the deadline is “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.
Kano State governor Abdullahi Ganduje for the same reason told President Muhammadu Buhari to postpone his visit to the state as he is “deeply concerned” about the hardship it is causing locals. The Presidency, however, said Buhari notes the public complaints but assured that there will be no disruption in business and other supply chains of the economy as the deadline will remain.
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