New Notes: Bear With FG, CBN, Peter Obi Urges Nigerians
Mr Peter Obi, the Labour Party’s presidential candidate, has urged Nigerians to bear with the Federal Government and the Central Bank of Nigeria (CBN) over the redesigned naira notes.
Nigerians have continued to face nationwide naira scarcity since the apex bank introduced redesigned N200, N500, and N1,000 banknotes.
On Sunday, however, Obi called for patience on Twitter, saying that he hopes the reforms will benefit the masses.
He stated that currency redesign is not unique to Nigeria, adding that the policy has some drawbacks but has long-term benefits.
“The redesign of the Nigerian currency is not unique. It is a painful and inconvenient exercise, but it has significant long-term economic and social benefits. Despite the fact that there are improvements that can be made,” he tweeted.
“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 also implore the CBN and banks to expedite efforts to make the new currency available to small depositors and the unbanked in order to alleviate the suffering of my fellow Nigerians, particularly the underprivileged and those living in rural areas far from banks.”
‘No Deadline Extension’
In the midst of calls for an extension, CBN Governor Godwin Emefiele has stated unequivocally that the apex bank will not extend the deadline for exchanging old naira notes for newly redesigned ones.
Emefiele told journalists on Friday at the CBN office in Lagos that the apex bank and other stakeholders are already looking to address pressure points.
“No, I would say. I am sure people will say that I only said no last week, but I want to reiterate that this time we will not be looking at extending the deadline because we, as the central bank, deposit money banks, and other important stakeholders, are looking at areas where there is pressure and doing everything possible to address that pressure.
“We have had cases where some bank branches have some cash in their vaults and because there was no demand for them and we asked central bank officials when reported to move those monies away and move them to areas where there is pressure. So those are some of the logistical issues we encountered, and we are doing everything we can to address them. So I’m not going to promise anyone else that this deadline will be extended further,” Emefiele said.
Emefiele also stated that the apex bank is aware of the difficulties Nigerians are having in accessing the new naira notes.
According to the CBN governor, as part of new measures to accelerate the circulation of new naira notes, the apex bank will extend cash swaps to microfinance banks and engage 30,000 super agents in the hinterlands.