Buhari was reacting to reports of long queues of people
waiting for hours to deposit old notes and get new ones, a situation which has
triggered public anger and criticism from the opposition.
According to a statement by his Senior Special Assistant on
Media and Publicity, Garba Shehu, the President underscored that the currency
swap targets people hoarding illicit funds and not the common man.
He maintained that it had become necessary to prevent
counterfeits, corruption, and terrorist funding, assuring the public that the
change will help stabilise 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, the
President further gave strong assurances that the government will not leave
them to their own fate.
He reiterated that a number of initiatives by the Central
Bank of Nigeria (CBN) and all commercial banks are underway to speed up
distribution of the new notes and do all that is necessary to forestall cash
squeeze and chaos.
The CBN first informed Nigerians about the plan to redesign
the N200, N500 and N1,000 banknotes on October 26, 2022, saying the old notes
would no longer be valid after January 31, 2023.
Buhari unveiled the new notes in December 2022.