There are reports across the country 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 Muhammadu Buhari says government will ensure that Nigerians are unharmed in their businesses and no disruption is caused to the entire supply chain arising from the currency swap due to end shortly.
The president was 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. According to him, a number of initiatives by the Central 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.
The redesigned naira notes, comprising N200, N500 and N1,000, became legal tender on 15 December, 2022, after they were unveiled by Mr Buhari on 23 November, 2022, in Abuja.
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