The Presidency in a statement said Buhari insisted that the deadline is “aimed at people hoarding illicit funds and not the common man, and that it had become necessary to prevent counterfeits, corruption, and terrorist funding while aimed at stabilizing and strengthening the economy.
Buhari’s stance opposes that of former vice president Atiku Abubakar, presidential candidate of the All Progressives Congress (APC) Bola Tinubu, and many Nigerians who complained that the new notes are not in circulation.
The Presidency, however, said Buhari notes the public complaints but assured that there will be no disruption in business and other supply chains of the economy as the deadline will remain.
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 own fate.
He reiterated that a number of initiatives by Central Bank of Nigeria 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.
