Cash Scarcity: CBN, Banks Working To Speed Up Distribution — Buhari

President Muhammadu Buhari has assured that the Central Bank of Nigeria (CBN) and commercial banks are deploying several initiatives to speed up the distribution and circulation of the new naira notes and avoid cash squeeze and chaos.

Buhari spoke on Saturday as Nigerians are making a last minute rush to dispense of the old editions of the N1,000, N500 and N200 notes in their possession, ahead of the January 31 deadline.

The President was reacting to the discomfort being faced by the public in the process of changing their old notes for the new notes.

He said the decision to replace the three denominations of the old notes was targeted at those he said had illicitly stored up funds, as well as to curb terrorism financing.

Nigerians have, in the last few weeks since the plan to change the notes was announced, been hit by a crippling cash scarcity, which has not spared banking halls, ATMs and POS dispensing points, leading to widespread anger and despair.

However, in a statement issued by his Senior Special Assistant on Media and Publicity, Mallam Garba Shehu, President Buhari assured Nigerians that the Federal Government would ensure that the currency transition process does not harm their businesses and daily living, saying the current situation would end shortly.

“President Muhammadu Buhari, Saturday assured that the government will ensure that citizens are unharmed in their businesses and no disruption is caused to the entire supply chain arising from the currency swap due to end shortly.

“Reacting to reports of long queues of people waiting for hours for their turn to deposit old notes and get new ones, triggering public anger and opposition’s criticism, President Buhari reiterated that the currency changes were aimed at people hoarding illicit funds and not the common man and that it had become necessary to prevent counterfeits, corruption, and terrorist funding.

“This, he assured, will stabilize 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, President Buhari gave strong assurances that the government will not leave them to their fate.

“He reiterated that a number of initiatives by the Central Bank 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 statement said.