flakkypastries:
govt’ll stabilise new notes supply soon

The President, Major General Muhammadu Buhari (retd.), on Saturday, said the government’s currency swap is not meant to target innocent citizens but corrupt persons and terror financiers hoarding illicit monies.

He also assured Nigerians that the government will ensure that they and their businesses will face no harm from disruptions caused to the entire supply chain arising from the currency swap.

According to a statement signed on Saturday by the President’s Senior Special Assistant on Media and Publicity, Garba Shehu, Buhari was reacting to reports of long queues of people waiting for hours for their turn to deposit old notes and get new ones.

The statement is titled ‘Government will eliminate squeeze, chaos in currency swap, President Buhari assures.’

Last November, the Central Bank announced that it will redesign the N200, N500 and N1000 notes of the Naira.

It said the populace has until January 31, 2023, to return all old notes to commercial banks.


At the unveiling of the new Naira notes at the State House on November 23 2022, the CBN governor, Godwin Emefiele, told journalists that the January deadline remains sacrosanct and will it be shifted for any reason.

However, as Nigerians inch closer to the deadline, The PUNCH reports that the new notes in circulation have been grossly insufficient.

More so, most commercial banks and their automated teller machines still dispense the old notes to customers.