The presidency has for the first time made an attempt to explain the idea behind the hurried redesign of some naira notes, saying it was mainly targeted at frustrating some elite Nigerians who hoard illicit cash.


Senior Special Assistant on Media and Publicity to the President, Garba Shehu, in a statement on Saturday said contrary to insinuations, it is not targeted at the common man in the streets.

According to the presidency, government is not resting on its oars to see that citizens’ businesses are safe.

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


Recall that since the deadline imposed by the Central Bank of Nigeria which is due to elapse on 31st January, there had been reports of long queues of people waiting for hours for their turn to deposit old notes and get new ones.

The development, DAILY POST observed, had triggered public anger and widespread criticism.

“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,” Shehu stated on behalf of the presidency.


The Federal Government, 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.

Source: https://dailypost.ng/Redesigned-naira-notes-targeted-at-elites-hoarding-illicit-funds-not-common-man-Presidency

Mr President Sir, you can't burn the whole house while chasing one rat oh! The initiative of going cashless is a welcome development, but time is needed to implement it with at least 80% of new banknotes circulation. We're suffering 95% of market women here in my area has no business with bank account, and to trade with in a time like this is difficult hence the suffering

We are fine with the policy and time frame, for once let's have a monetized free election. Moreover the other denominations are very much in circulation and easily accessible

For the first time that I wholeheartedly agree with the Nigerian government

I support Mr President on this initiative, but it should be extended to at least two weeks. We must reduce vote buying to the bearest minimum.

E be like say presidency don high🤣🤣🤣

Oxfordgrade:
Mr President Sir, you can't burn the whole house while chasing one rat oh! The initiative of going cashless is a welcome development, but time is needed to implement it with at least 80% of new banknotes circulation. We're suffering 95% of market women here in my area has no business with bank account, and to trade with in a time like this is difficult hence the suffering

May God bless you sir,some people are brainless,they will support anything if they think it target their enemy,even if such thing is hurting their ass,I pray Buhari and Emefiele continue this their useless policy,we will be here (by God grace) to analyse how it will end.

Mjshexy:
We are fine with the policy and time frame, for once let's have a monetized free election. Moreover the other denominations are very much in circulation and easily accessible

Which other denomination ma,presently I'm with 20,500 cash all old note,I won't go bank to deposit it because I'm a busy type and I can't go and spend 2 hours (though I will spend more than 8 hours to have it changed,that's if I'm lucky).

haffaze777:


Which other denomination ma,presently I'm with 20,500 cash all old note,I won't go bank to deposit it because I'm a busy type and I can't go and spend 2 hours (though I will spend more than 8 hours to have it changed,that's if I'm lucky).

So why did you keep such amount on you till this time, you just have to find time or send someone to the bank tomorrow morning to help you deposit it in your account. As for me, I only have some new naira notes and some #100 notes on me at the moment for emergency spending but I'm basically doing more of online transfer for now till next week

Mjshexy:
So why did you keep such amount on you till this time, you just have to find time or send someone to the bank tomorrow morning to help you deposit it in your account. As for me, I only have some new naira notes and some #100 notes on me at the moment for emergency spending but I'm basically doing more of online transfer for now till next week

I received cash of 50k from someone today,I fixed my car out of it and I'm stocked with the balance,I won't stress myself,if E wan become useless make e become useless,I go use am
as decoration

haffaze777:


I received cash of 50k from someone today,I fixed my car out of it and I'm stocked with the balance,I won't stress myself,if E wan become useless make e become useless,I go use am
as decoration

You can still use it at the grocery, eatery or better still like i earlier said try and send someone to help you deposit it in the bank between tomorrow and Tuesday.

Mjshexy:
You can still use it at the grocery, eatery or better still like i earlier said try and send someone to help you deposit it in the bank between tomorrow and Tuesday.

Thanks ma