NAIRA SCARCITY: Obi begs Nigerians for endurance, says CBN policy beneficial in long term
The Labour Party presidential candidate, Peter Obi, has urged Nigerians to bear the Central Bank of Nigeria (CBN) as regards its recent redesign of the nation’s currency.
The CBN redesign of currency and the resultant scarcity of new notes had culminated into untold hardship for the Nigerian public.
This development had also led to protests in different parts of the country, as some commercial banks refused to make the new notes available to the public.
However, President Muhammadu Buhari had shared his thoughts about the policy and assured Nigerians of definitive intervention within seven days.
Tweeting on the development on Sunday, the former Anambra State governor said the policy would come with some economic and social benefits for Nigerians.
READ ALSO:2023: Southern, Middle Belt leaders endorse Peter Obi for presidency
Obi, however, charged the apex financial institution to make the new notes available to the teeming public, especially those in the rural areas.
He wrote: “The currency redesign is not peculiar to Nigeria. It is an exercise that comes with some inconvenience and pain but it has significant longterm economic and social benefits.
“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.”
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
INVESTIGATION: 4 yrs after completion, Kwara PHC facility inactive, rural dwellers in pains
In the middle of the night sometime in September 2019, Fatimah Ballah struggled with severe pains as she tries to...
INVESTIGATION: How Oyo State, contractors spent N1.1bn on water projects, but communities don’t have a drop
Multimillion naira water projects largely initiated by the late Abiola Ajimobi-led state government in Oyo State to benefit over 40...
INVESTIGATION: In Cross River, civil servants retire into poverty as govt looks away, squanders funds on frivolities
Thousands of civil servants in Cross River State struggle to stay alive as they are denied their gratuities and monthly...
Students suffer as contractors abandon Kano school projects after receiving over N70m
In 2019, to improve the condition of public schools in Kano State, the Federal Government disbursed millions of naira to...
SPECIAL REPORT: World Bank road projects go bad in Enugu, as state govt fails to fulfill promise
Counterpart funded road projects between the world Bank and Enugu State government have started to fail, as the state government...