Peter Obi, the presidential candidate for the Labour Party (LP), has provided his thoughts on the Central Bank of Nigeria’s currency re-design program (CBN).
In a statement he personally signed on Sunday, Obi stated that such policies would always be accompanied by some difficulties and suffering, adding that this is not unique to Nigeria.
While noting that there could be improvements in the implementation of the policy, the former Anambra State Governor urged Nigerians to bear with the CBN and the federal government and focus on the long-term benefits of the policy.
Obi further told the CBN and the commercial banks to increase efforts at making the new notes available to Nigerians so as to lessen the hardship being faced by the people, particularly the rural dwellers.
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 – PO”