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Naira redesign targets holders of illicit funds – Buhari



President Muhammadu Buhari said on Saturday the redesign of the Naira notes was targeted at individuals in possession of illicit funds and not ordinary Nigerians.

The president, according to a statement issued by his Senior Special Assistant on Media and Publicity, Garba Shehu, was reacting to challenges faced by Nigerians in their bid to meet the January 31 deadline announced by the Central Bank of Nigeria (CBN) for withdrawal of the old banknotes from circulation.

He said the redesign of the Naira notes had become necessary to prevent counterfeits, corruption, and terrorism financing.

The move, according to Buhari, will strengthen the economy.

Read also:Tinubu, APC governors meet Buhari after remark on new Naira notes

He stressed that a number of initiatives had been put in place by the CBN and all commercial banks to speed up the distribution of the new notes and forestall cash squeeze and chaos in the country.

The CBN Governor, Godwin Emefiele, had in October last year announced the redesign of the N200, N500, and N1,000 notes.

He also listed January 31 as the deadline for the withdrawal of the old Naira notes from circulation.

Many Nigerians, the Peoples Democratic Party (PDP) presidential candidate, Atiku Abubakar, and state governors had demanded an extension of the deadline for the exercise.

The National Assembly on Thursday urged the CBN to extend the deadline for the swap of the old Naira notes with the new ones by six months.

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