New Naira Redesign Targeted At Corrupt Persons, Terrorism Financiers, Not Poor Nigerians – Buhari

President Muhammadu Buhari has said that efforts are being made to ensure that the new naira notes are distributed more widely.

According to Garba Shehu, the president’s spokesperson, the decision to redesign the naira was made to address corruption, terrorism financing and illicit fund hoarding.

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.