Obi defends CBN on Naira redesign


By Aminu Kutama

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.

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.”

The currency redesign initiated by the Central Bank of Nigeria (CBN), has been marred by controversy over its timeframe and the availability of the new notes.

The presidential candidate of the New Nigeria Peoples Party, (NNPP), Rabiu Kwankwaso claimed that some of his contemporaries will not be affected by the naira redesign policy as “they are owners of banks”.

While, the candidate of the APC, Bola Tinubu claimed that the whole policy was designed to scuttle his election as President.

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