President Muhammadu Buhari has said that efforts are being made to ensure that the new naira notes are distributed more widely. According to Garba Shehu, the president's spokesperson, the decision to redesign the naira was made to address corruption, terrorism financing and illicit fund hoarding. SaharaReporters had reported that a few days to the end of transacting with old N1000, N500 and N200 banknotes as a legal tender, commercial banks continued to load the old notes in their Automated Teller Machine (ATM) in parts of the country.
January 28, 2023The president said the decision to redesign the naira was made to address corruption, terrorism financing and illicit fund hoarding.
According to Garba Shehu, the president's spokesperson, the decision to redesign the naira was made to address corruption, terrorism financing and illicit fund hoarding. Also, the operators of Point of Sale particularly in the South-East and North-East states monitored continued to issue old banknotes to their customers, investigations by SaharaReporters showed.
“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,” the statement reads.
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