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Reading: Peter Obi backs CBN on currency redesign
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Politics

Peter Obi backs CBN on currency redesign

The Labour Party's candidate for president, Peter Obi, has pleaded for Nigerians to put up with the challenges created by the adoption of th...

Chima Joseph Ugo
Chima Joseph Ugo - Editor-in-chief February 05, 2023
Updated February 5, 2023 at 10:43 AM
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Peter Obi backs CBN on currency redesign
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Peter Obi backs CBN on currency redesign

The Labour Party's candidate for president, Peter Obi, has pleaded for Nigerians to put up with the challenges created by the adoption of the new naira.

Obi's remark comes at a time when people are furious over the shortage of fresh naira notes, which has caused shops and other social events to close. Since the beginning of the year, Nigerians have experienced hardship. Because commercial banks claim they don't have the new banknotes, they have been unable to swap their old naira notes for new ones.

However, the presidential candidate for the Labour Party claimed that the difficulties and suffering being experienced by Nigerians are expected as a result of the new currency.

On Sunday, February 5, 2023, the former governor of Anambra State made the allegations in a string of tweets that were posted on his verified account.

Obi asserted that the practice is widespread and that, in the long run, revamping the money will have major economic and social advantages.

So that they may gain from the currency changes, he advised Nigerians to have patience with the Central Bank of Nigeria (CBN) and the Federal Government.

Obi tweeted: “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, 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 – PO.”

Tags: Politics

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