In October 2022, Godwin Emefiele, who is in charge of the Central Bank of Nigeria (CBN), announced that the N200, N500, and N1,000 notes would be redesigned, and that old naira notes could no longer be used after February 10, which led to a shortage of the currency.
The policy was met with backlash and criticism from the public, who experienced difficulties in accessing cash and carrying out transactions. Some business owners also complained that the policy had affected their sales and operations.
Buhari's apology comes as a response to the growing concerns and complaints from Nigerians about the policy's negative impact on their daily lives. The President acknowledged the hardships caused by the policy and assured Nigerians that it was not intended to cause hardship to anybody.
"I apologize to you for the hardship caused by the change of the naira. It was done to boost the economy of the country, not to cause hardship to anybody," Buhari said in the video clip.
The President also urged Nigerians to be patient and to trust the government's efforts to improve the country's economic situation.