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Why we redesign currency – Buhari

*Says efforts underway to forestall cash squeeze, chaos

By Mathew Dadiya, Abuja

President Muhammadu Buhari has reiterated that the currency changes were aimed at people hoarding illicit funds and not the common man and that it had become necessary to prevent counterfeits, corruption, and terrorist funding.

The President 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.

Buhari explained this on Saturday when he reacted 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.

This, he assured, will stabilize and strengthen the economy.

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 own fate.

The President also restated that a number of 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.

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