Naira Scarcity: Peter Obi Says Naira Redesign Not Peculiar to Nigeria, Calls for Calm

The Presidential candidate of the Labour Party, Mr. Peter Obi has appealed to Nigerians to exercise patience with the federal government and Central Bank of Nigeria over the challenges associated with the circulation of the new banknote.

Obi, yesterday on Arise News Channel, noted that the currency redesign was not peculiar to Nigeria and that the exercise had a long-term economic and social benefits with attendant short-term inconveniences and pain. He called on Nigerians to cooperate with the federal government and the CBN in addressing difficulties associated with the exercise whilst calling on the apex bank and other commercial banks to expedite action to make the new notes available to citizens especially the masses and the unbanked.

“Currency redesign is not peculiar to Nigeria. This is an exercise that has long-term economic and social benefits, but comes with short-term inconveniences and pain. My appeal to Nigerians is that we should have patience with the federal government and the CBN, while at same time appealing to the CBN and the banks to expedite actions that would ensure that these new currencies are available to small depositors, small businesses, the unbanked and people in rural areas.
“I believe the CBN can make it available as quickly as possible. Everywhere there have been redesign of currency in a third world country, it comes with challenges and in some instance riots.

“Look at what happened in India, there were riots. But today, India is better off and their economy benefitted better. This policy was announced on 26th of October, 2022 and they gave extra 10 days and all of a sudden people are rioting and behaving as if it came overnight.

“For me, it is the poor people I see on the queues that we should quickly deal with as quickly as possible and I urge the CBN to deal with the issue of the low depositors and those who live in rural and unbanked areas. It is critical and it is important. I am also urging Nigerians to bear with them. We have redesigned our currencies, we can’t do anything about it. Government has taken a decision and we can’t be using two currencies at same time. So, the decision has been taken, let’s run with it.”