Obi to Nigerians: Bear with FG… naira redesign has economic, social benefits

Peter Obi, the presidential candidate of the Labour Party (LP), says the currency redesign policy the Central Bank of Nigeria (CBN) comes with pain, but in the long run, it has significant economic and social benefits.

In October 2022, Godwin Emefiele, governor of the CBN, announced the plan to redesign the N200, N500, and N1,000 notes, and asked Nigerians to deposit their old notes before January 31, 2023, when they would cease to be legal tender.

Although the deadline has been shifted to February 10, many Nigerians have found it difficult to obtain the new naira notes.

The former Anambra governor in a statement on Sunday, called on the CBN to “expediate 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 inconveniences and pains but it has significant long-term economic and social benefits,” Obi said.

“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.”