Currency redesign always comes with pains - Obi defends CBN

The Labour Party Presidential candidate, Peter Obi, has appealed to Nigerians to endure the attendant hardship of the redesigned naira roll-out.

Obi's comment comes amidst nationwide anger over the new naira notes scarcity which has crippled businesses and other social activities across the country.

Nigerians have been going through a torrid time since the start of the year as efforts to exchange their old naira notes for the redesigned ones have proven futile with commercial banks claiming the non-availability of the new currency.

However, the Labour Party presidential candidate in his reaction said the inconveniences and pains being experienced by the Nigerian people were expected consequences of currency redesign.

The former Anambra State Governor stated this in a series of tweets on his verified Twitter page on Sunday, February 5, 2023.

Obi, who stated that the policy isn't peculiar to Nigeria, said currency redesign has significant long-term economic and social benefits.

He, therefore, urged Nigerians to bear with the Central Bank of Nigeria (CBN) and the Federal Government in order for them to reap the rewards that come with the currency reforms.

Obi's tweet read: "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, 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"