The introduction of the new naira notes, according to former president Muhammadu Buhari, was not intended to punish Nigerians but rather to guarantee free and fair general elections in 2023.

Speaking in Abuja at the book launch of a book authored by his former special adviser on publicity and media, Femi Adesina, Buhari asserted that those uncomfortable with the currency redesign strategy possessed excessive wealth.

Buhari inscribed a staggering 260 million dollars with one bank chairman—whose name he omitted—in the book contribution unveiled in Abuja. This occurred when many were lamenting the unavailability of the new naira notes.

He stated, “The lack of money was not done on purpose to punish Nigerians,” per The Nation article.

“There is no denying that the naira redesign policy gave us cleaner elections. It was people who had too much money that had problems with it. When it was said that the new notes were not available, over $260 million was found with one bank chairman. Did I take on the Supreme Court on the issue? No. I could not have.”

There was widespread financial difficulty due to the naira redesign strategy, which caused immense suffering. Numerous businesses were impacted, and riots started in several regions of the nation.

In defence of their conduct, the authorities claimed that the policy aimed to stop politicians from purchasing votes during an election.

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