The Labour Party’s presidential candidate, Peter Obi, pleaded on Sunday morning for Nigerians to be patient with the Central Bank of Nigeria (CBN) and the Federal Government amid the scarcity of the redesigned naira notes and the widespread challenges they are causing. Speaking on Twitter, Obi noted that currency redesigns are not unique to Nigeria and that, despite the current inconveniences, the reforms will bring long‑term economic benefits. He added that the implementation could have been better handled and urged the CBN and commercial banks to intensify efforts to make the new naira available to the public.
Obi emphasized, “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.” He further called on the CBN and banks to expedite the distribution of the new currency to small depositors and the unbanked, especially the underprivileged and those living far from banks in rural areas, to alleviate their hardships.
Reports on Sunday indicated that many Nigerians continue to lament the unavailability and scarcity of both the old and new naira notes, a situation that is crippling economic activity nationwide. The CBN announced its plan to redesign three banknotes on 26 October 2022, and President Muhammadu Buhari unveiled the redesigned N200, N500 and N1,000 notes on 23 November 2022, setting a deadline of 31 January 2023 for the old notes’ validity. After intense pressure, the CBN extended the deadline for swapping old notes for the new ones to 10 February 2023, with an additional grace period until 17 February for returning old notes directly to the CBN.
President Buhari had assured Nigerians on Friday that, within seven days, he would address the difficulties in accessing the redesigned notes and resolve the crisis within the stipulated time. Nevertheless, protests have erupted in various cities across the country, with many citizens expressing anger over the hardships they face in obtaining the new currency.
Comments are closed for this story.