The Nigerian Presidency has revealed that the Controversial Currency Swap Policy recently put in place by the Central Bank of Nigeria, CBN, is only targeted at those hoarding cash.
This was contained in a statement signed by Presidential media aide, Garba Shehu on Saturday. The statement is coming a few days after the Presidential Candidate of the All progressives Congress, APC, Bola Ahmed Tinubu, alleged that the move coupled with the fuel Scarcity in the country were ‘calculated moves’ to make him lose the 2023 Presidential elections.
The statement read; “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.