Peter Obi Believes Redesign of the Naira Will Result in Economic and Social Advantages


The presidential candidate of the Labour Party, Peter Obi, has stated that the inconvenience and pain caused by the redesign of the Naira currency will bring long-term economic and social benefits. He has called on the Central Bank of Nigeria and commercial banks to hasten their efforts in making the new Naira notes accessible to small depositors and un-banked Nigerians, particularly those in rural communities.

Due to the current scarcity of the new Naira notes, many Nigerians have faced difficulties. While some have called for an extension of the deadline for exchanging the old notes with the new ones, the Central Bank of Nigeria has maintained its previously set deadline of February 10th.

Obi has emphasized the need for improvements in the distribution of the new Naira notes and urged Nigerians to be patient with the Federal Government and the Central Bank of Nigeria. He has stated that redesigning a currency is a normal exercise that comes with some level of discomfort but will bring significant long-term benefits. He has also implored the Central Bank of Nigeria and banks to take swift action in making the new currency available to those who need it, in order to reduce the difficulties faced by the underprivileged and those living far from banks in rural areas.

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