The federal government has claimed that the president of Nigeria, Buhari, isn’t happy with the situation of the country.
Last October, the Central Bank announced that it will redesign the N200, N500, and N1000 notes. It stated that some members of the public were hoarding banknotes, with findings showing that over 85 percent of the circulating currency was outside the banks.
In an interview with the Minister of finance, budget, and national planning, Zainab Ahmed on The Punch, stated that the hardship Nigerians are currently facing is a temporary sacrifice for the financial economy of the country.
According to Zainab Ahmed, the President and Federal government are worried about its citizen but it is a necessary procedure to curb corruption and help the economy by switching to a cashless country.
In her words:
“So, it’s not easy. Mr. President is not happy that citizens are suffering.
“But we are convinced that it is something that needs to be done at this time and also the Central Bank has been responsive in terms of providing some extension and also further explanation that comes to the closing date, it is not all over.
“The positive side of it is that there is a lot of currency that has been mopped up by this operation. And it means it has achieved a good level of success.”
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