Yes, New Naira Notes Targeted Against Big Men – Presidency

For the first time, the presidency has made an effort to explain the rationale for the hasty redesign of some naira notes, claiming that it was primarily intended to frustrate some rich Nigerians who hoard illicit money.

Garba Shehu, the President’s Senior Special Assistant on Media and Publicity, stated in a statement on Saturday that, in contrast to rumors, the plan does not target the average person on the street. It expressed sorry for the inconvenience the swap caused to the whole supply chain and assured that it would soon come to an end.

“The currency adjustments are targeted at those who are hoarding illegal funds rather than the average person; they were required to stop currency fraud, corruption, and terrorism financing. Long term, it will improve and stabilize the economy, according to Shehu, speaking on behalf of the president.

However, the Federal Government recognised that the most vulnerable group in society is going through immense difficulty because they frequently store hard cash at home for various needs. You can trust that the government won’t abandon them to their fate.

The presidency emphasized that several measures are presently being carried out by the Central Bank and all commercial banks to hasten the circulation of the new notes. “We will take all necessary actions to preempt cash squeeze and pandemonium,” the presidency said.

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