Peter Obi, the Labour Party’s presidential candidate, pleaded with Nigerians to be patient with the Federal Government and the Central Bank of Nigeria (CBN) on the redesigned naira notes.
Nigerians have continued to endure a statewide shortage of the naira after the apex bank introduced the new N200, N500, and N1,000 banknotes.
But on Sunday, Obi took to his Twitter account to urge patient and express his optimism that the changes will bring about for the people. He also said that although currency redesign is not unique to Nigeria, it does have certain drawbacks, it also has long-term advantages.
“The currency redesign is not peculiar to Nigeria. It is an exercise that comes with some inconvenience and pain but it has significant long term economic and social benefits. Even though there are improvements that can be made,” he tweeted.
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“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.
“We equally implore the CBN and the banks 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.”
Godwin Emefiele, the governor of the Central Bank of Nigeria, has emphasised that the central bank will not extend the deadline for exchanging old naira notes for the newly redesigned ones in the face of appeals for an extension.
The CBN and other stakeholders are already addressing areas where there are pressures, according to Emefiele, who briefed media on Friday at the CBN office in Lagos.
The CBN governor stated that the apex bank acknowledged the difficulties Nigerians are having accessing the new naira notes and that as part of new measures to speed up the circulation of new naira notes, the apex bank will extend cash swaps to microfinance banks and engage 30,000 super agents in the hinterlands.
