Obi Backs Naira Redesign, Cites Economic, Social Benefits

According to Labour Party’s presidential candidate Peter Obi, Naira redesign will have considerable long-term economic and social benefits despite the short-term pain and annoyance it currently causes.

Additionally, Obi asked the Central Bank of Nigeria, CBN, and commercial banks to expedite efforts to make the new Naira notes accessible to Nigerians who lack banking services and small depositors.

He claimed that doing this will help Nigerians, particularly those who reside in rural areas, feel less suffering.

On Sunday, the former governor of Anambra State published the declaration on his verified Twitter account.

Remember that the lack of new Naira notes has caused much misery for Nigerians, who are a large population.

Many have urged the top bank to extend the deadline for replacing the old Naira notes with new ones, but the CBN has stuck on the February 10 deadline that it set.

Obi urged Nigerians to be patient with the Federal Government and the CBN while calling for a reform in the way the new Naira notes are distributed.

He wrote, “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.”

The currency redesign is not peculiar to Nigeria. It is an exercise that comes with some inconvenience and pain but it has significant longterm economic and social benefits. Even though there are improvements that can be made,

— Peter Obi (@PeterObi) February 5, 2023