The new naira redesign is not aiming at poor Nigerians, but rather corrupt people and terrorism funders.
The president claimed that the decision to redesign the naira was made in order to combat corruption, the financing of terrorism, and the hoarding of illicit funds.
The new naira notes are being distributed more widely, according to President Muhammadu Buhari's statements.
The decision to redesign the naira was made to address corruption, terrorism financing, and illicit fund hoarding, according to Garba Shehu, the president's spokesperson.
According to a report, commercial banks in some regions of the country continued to load old N1000, N500, and N200 banknotes into their automated teller machines (ATMs) a few days after they were no longer accepted as legal tender for transactions.
Additionally, the Point of Sale (POS) operators, particularly in the South-East and North-East states monitored, continued to give their clients outdated banknotes.
Buhari added that the Central Bank of Nigeria (CBN) was working on initiatives to "prevent chaos" surrounding the distribution of the new notes in response to long lines at banks.
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