Headline News

Currency swap will not affect businesses- Buhari

President Muhammadu Buhari has assured that citizens will not be harmed in their businesses, and the entire supply chain arising from the currency swap due to end shortly.

The President gave the assurance while reacting to reports of long queues of people waiting to deposit old notes for new ones, a situation that has triggered public anger and opposition’s criticism.

President Buhari said that the currency changes were aimed at people hoarding illicit funds and not targeted at the common masses, as it had become necessary to prevent counterfeits, corruption, and terrorist funding, aimed at stabilizing and strengthening the economy.

The President said numerous initiatives by the Central Bank and all commercial banks were underway to speed up distribution of the new notes to forestall cash squeeze and chaos.

Reporting by Abdullah Bello; Editing by Chinasa Ossai & Julian Osamoto