The presidential candidate of the Labour Party (LP), Peter Obi, says the currency redesign policy of the Central Bank of Nigeria (CBN) comes with pain, but in the long run, it has significant economic and social benefits.
Recall that in October 2022, the CBN governor, Godwin Emefiele, announced the plan to redesign the N200, N500, and N1,000 notes, and asked Nigerians to deposit their old notes before January 31, 2023, when they would cease to be legal tender. Although the deadline has been shifted to February 10, many Nigerians have found it difficult to obtain the new naira notes.
The former Anambra State governor, in a statement yesterday, called on the CBN to “expedite efforts to make the new currency available to small depositors and the unbanked, in order to reduce the pains of my fellow Nigerians, especially the underprivileged and those living far away from banks in the rural areas.
“The currency redesign is not peculiar to Nigeria. It is an exercise that comes with some inconveniences and pains, but it has significant long-term economic and social benefits.
“Even though there are improvements that can be made, I urge Nigerians to bear with the CBN and federal government, with the hope that the general populace and Nigeria will harvest the gains that will come with the reforms”, Obi said.
