In order to calm the public, President Muhammadu Buhari has stated that the government’s currency swap is not intended to target innocent people, but rather corrupt officials and those who stockpile illegal monies used to fund terrorism.
He also underlined that the government would take action to prevent supply chain interruptions brought on by the currency swap from having a detrimental effect on people’s lives or their enterprises.
The President’s comments follow reports of lengthy queues and delays among those waiting to exchange their old notes for new ones.
The public was given until January 31, 2023 by the Central Bank of Nigeria to swap their old notes at commercial banks after the announcement that it will redesign the N200, N500, and N1000 notes in November 2022.
However, there have been allegations of a lack of fresh notes as the deadline draws near and of commercial banks continuing to dispense old notes.