Currency Redesign comes with Hitches” Peter Obi pleads with Nigerians to have patience
Currency Redesign comes with Hitches” Peter Obi pleads with Nigerians: the presidential candidate of the Labour Party, Mr. Peter Obi has appealed to Nigerians
to exercise patience with the federal government and Central Bank of Nigeria over the
challenges associated with the circulation of the new banknote, just as he appealed to the banking sector regulator to expedite action with its circulation.
Obi, who spoke on Arise News Channel, yesterday, admitted that currency redesign
was not peculiar to Nigeria and that it has long time economic and societal benefit but with a short time inconveniences and pain.
Currency Redesign comes with Hitches” Peter Obi pleads with Nigerians:
The cooperation
While calling on people of Nigeria to cooperate with the federal government and
the CBN in addressing difficulties that come with the exercise, he called on the apex
bank and other commercial banks to expedite action to make the new notes available to the various classes of the society, especially the masses and the unbanked.
Speaking further, the presidential candidate stated that there was nowhere the exercise
would take place that would not come with some hitches.He cited the example of India
when the Asian country embarked on similar currency redesign and how Indians encountered difficulties during the process, which according to Obi later yielded a bountiful long term economic advantage for the people and their country.
In his words;
“Currency redesign is not peculiar to Nigeria. This is an exercise that has long-term economic
and social benefits, but comes with short-term inconveniences and pain. My appeal to
Nigerians is that we should have patience with the federal government and the CBNCBN, while at same time appealing
to the CBN and the banks to expedite actions that would ensure that these new currencies
are available to small depositors, small businesses, the unbanked and people in rural areas.
“I believe the CBN can make it available as quickly as possible. Everywhere there have been redesign of currency in a third world country, it comes with challenges and in some instance riots.
“Look at what happened in India, there were riots. But today, India is better off and their economy benefitted better. This policy was announced on 26th of October, 2022 and they gave extra
10 days and all of a sudden people are rioting and behaving as if it came overnight.“For me,
it is the poor people I see on the queues that we should quickly deal with as quickly as
possible and I urge the CBN to deal with the issue of the low depositors and those who live in
rural and unbanked areas. It is critical and it is important. I am also urging Nigerians to bear
with them. We have redesigned our currencies, we can’t do anything about it. Government
has taken a decision and we can’t be using two currencies at same time. So, the decision has been taken, let’s run with it.”