Although Nigerians are suffering from the recent naira policy of the Muhammadu Buhari administration, many of the citizens still support the policy, an official has said.
Garba Shehu, President Buhari’s spokesperson, said this in a statement sent to PREMIUM TIMES Monday.
“As for the cashless system the CBN is determined to put in place, it is a known fact that many of the country’s citizens who bear the brunt of the sufferings, surprisingly support the policy as they believe that the action would cut corruption, fight terrorism, build an environment of honesty and reinforce the incorruptible leadership of the President,” Mr Shehu wrote.
The naira redesign policy has had a significant impact on Nigerians, particularly on businesses and individuals who have been affected by the scarcity and confusion surrounding the validity of the old notes as a legal tender.
The Nigerian government and the Central Bank of Nigeria (CBN) have defended the naira redesign policy, describing it as a move towards a cashless system and an effort to fight crime and terrorism.
However, millions of Nigerians continue to suffer from the policy with many unable to obtain cash for their daily transactions.
The confusion and economic hardship caused by the naira redesign policy initially led to protests in parts of the country with Nigerians demanding access to their money.
The Supreme Court later ruled that the Central Bank of Nigeria (CBN) must extend the use of old banknotes until 31 December.
The court also found that President Muhammadu Buhari’s directive to the CBN on the withdrawal of old notes and redesign of new banknotes without proper consultation was invalid.
Since the verdict, both the President and the Central Bank of Nigeria’s governor, Godwin Emefiele declined to comment on the court order.
The uncertainty has caused confusion among bankers and many Nigerians as commerical banks issue the old notes while motorists and traders reject them.
Many Nigerians have equally had to face the harsh realities of paying exorbitant charges to get new notes from POS agents or traders.
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