Obi said that currency redesign is not unique to Nigeria and that the process comes with some inconveniences but long-term rewards.
By Jeffrey Agbo
Presidential candidate of the Labour Party, Peter Obi, has weighed in on the scarcity of the naira which has increased the suffering of the masses.
In a statement made available to TheNiche on Saturday night, Obi said currency redesign is not unique to Nigeria, adding that although the process comes with some inconveniences it has long-term rewards.
The Labour Party flag bearer called on the Central Bank of Nigeria (CBN) and commercial banks to ensure that the redesigned notes spread as quickly as possible so as to ease the pain of the masses.
Obi said, “The currency redesign is not peculiar to Nigeria. It is an exercise that comes with some inconvenience and pain but it has significant long-term economic and social benefits.
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“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.
“We equally implore the CBN and the banks to expedite 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.”
Amid protests in several parts of the country, the CBN has insisted that it will not extend further the February 10 deadline for the currency swap.