Obi said in a statement on Saturday night that “the currency redesign is not peculiar to Nigeria.”
By Jeffrey Agbo
The Labour Party‘s presidential candidate, Peter Obi, has backed currency redesign but wants commercial banks to expedite action to reduce the pain and discomfort being experienced by the people.
The redesigned N1,000, N500, and N200 notes came into circulation on December 15, 2022. But the notes have been limited in circulation after nearly two months.
The difficulty getting the redesigned notes have seen the masses rise in protests in various parts of the country.
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Obi said in a statement on Saturday night that “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.”
He noted that “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.”
Obi implored the Central Bank of Nigeria and deposit money 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.”