Currency swap not against the poor – Buhari


The idea behind the hurried redesign of some naira notes was mainly targeted at corrupt Nigerians who hoard illicit cash and those financing terrorism, President Muhammadu Buhari has explained.

Buhari, in a statement on Saturday by his Senior Special Assistant on Media and Publicity, Garba Shehu, said contrary to insinuations, the new naira notes were not conceived to hurt the common man on the streets.

The president said government is not resting on its oars to see that citizens’ businesses are safe.

He regretted the disruption caused to the entire supply chain arising from the swap, assuring that it is due to end shortly.

“The currency changes is aimed at people hoarding illicit funds and not the common man, it became necessary to prevent counterfeits, corruption, and terrorist financing. It will stabilize and strengthen the economy on the long run,” the president said.


The statement however acknowledged that the poorest section of society is facing untold hardship as they often keep hard cash at home for various expenses.

“Be rest assured that the government will not leave them to their own fate.

“A number of initiatives by the Central Bank and all commercial banks are currently underway to speed up distribution of the new notes we will take all necessary actions to forestall cash squeeze and chaos,” the presidency noted.