Currency swap meant to curb illicit hoarding — Buhari

President Muhammadu Buhari on Saturday asserted that the ongoing currency changes are targeted at people hoarding illicit funds and not the common man, noting that it has become necessary to prevent counterfeits, corruption, and terrorist funding.

This is as he gave assurances 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.

According to a statement issued by Garba Shehu, Senior Special Assistant to the President (Media & Publicity), which gave this position, President Buhari similarly assured that the exercise will stabilize and strengthen the economy.

The President’s remarks were a reaction 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.

The statement said 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 fate.

He reiterated that several initiatives by the Central Bank and all commercial banks are underway to speed up the distribution of the new notes and do all that is necessary to forestall cash squeeze and chaos.

Recall that the CBN had given January 31 as the deadline for the swapping of old notes for the redesigned ones.

With the deadline looming, most banks in the country remained open at the weekend to enable their customers to exchange their notes.

YOU SHOULD NOT MISS THESE HEADLINES FROM NIGERIAN TRIBUNE

Kano Rally Proves Tinubu Has Nothing To Offer — Atiku

The inability of the presidential candidate of the All Progressives Congress (APC) to deliver an inspiring speech to the crowd of supporters that had gathered to hear him speak during Wednesday’s rally in Kano shows that he has got nothing to offer.

N77trn Debt: Booby Traps For Incoming Govt, Afenifere, Experts, Others Say

NOTABLE organisations and financial experts on Thursday ex-pressed shock over the revelation by the Director-General, Debt Management Office (DMO), Ms Patience Oniha, that Nigeria’s debt might rise to N77 trillion at the expiration of the tenure of President Muhammadu Buhari in May…

How Prince William Knocked Me To The Floor Over Argument On Meghan — Prince Harry

BRITAIN’S Prince Harry has, in a much-awaited memoir which went on sales days early in Spain on Thursday, said his older brother and heir to the throne, Prince William, knocked him to the floor during a 2019 argument over his American wife, Meghan…

NFIU Bans Cash Withdrawals From Government Accounts

THE Nigeria Financial Intelligence Unit (NFIU) has prohibited cash withdrawals from accounts belonging to the federal, states and local governments, as well as Ministries, Departments and Agencies (MDAs)…

Tears As Boundary Adjustment Reawakens Old Hostilities Between Gombe, Adamawa States

The recent communal clash between Waja and Lunguda communities of Gombe and Adamawa states has reawakened bad blood over boundary adjustment. The Northern Bureau Chief, MUHAMMAD SABIU…

EDITORIAL: Legacy: Buhari’s Plea To Nigerians

IN his Christmas message last month, President Muhammadu Buhari pleaded with Nigerians of voting age to be wary of candidates who could not move Nigeria forward. Noting that the joyous season of the birth of Jesus Christ coincided with the period of campaigns that would usher in a new administration in the country…