Peter Obi urges Nigerians to be patient with CBN

Presidential candidates from Labor Party, Peter Obihas urged Nigerians to be patient with it Central Bank of Nigeria (CBN) on the redesigned currency, saying it has “some significant long-term economic and social benefits.”

Mr. Obi appealed in a tweet on Sunday morning.

“I urge Nigerians to bear with the CBN and the Federal Government with the hope that the general populace and Nigeria will reap the benefits that will come with the reforms,” ​​Mr. Obi said in a tweet.

“Currency redesign is not typical for Nigeria. It is an exercise that causes discomfort and pain, but it has significant long-term economic and social benefits. Although there are improvements that can be made,” said Mr. Obi, who is the chairman of Fidelity Bank before that he was the governor of Anambra Southeast state.

However, Mr. Obi called on the CBN to “accelerate efforts to make the new currency available to small depositors and the unbanked in order to ease the pain of Nigerians, especially the poor and those who live far from banks in rural areas” .

Many Nigerians have criticized the CBN and the federal government over the policy, which has caused difficulties due to the lack of new notes.

Nigerians, including Governor Nyesom Wike of Rivers State, have explained the policy is “anti-people”.

Amidst these policy difficulties, Mr. Buhari, on Friday, urged citizens to give seven days to resolve the cash crunch throughout the country.

The Vice President of Nigeria, Yemi Osinbajo on Friday, faulted wisdom and mourn the sorrow it causes.

Background

For weeks now, Nigerians have been rushing to meet the CBN deadline to scrap the old naira notes – N200, N500 and N1, 000 amid poor distribution of the new currency.

There are long queues at ATMs across the country. Point of Sales (POS) centers have cashed in on a desperate situation to rob Nigerians.

READ ALSO: Naira Redesign: Yobe Governor asks CBN to extend deadline

CBN, in response to public protests, last Sunday expanded deadline from January 31 to February 10.

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There are still long queues at ATM centers despite the expansion. Many Nigerians are still vigilant at ATMs to withdraw cash when most POS operators no longer have cash to meet the needs of their customers. Those who manage to have cash charge exorbitant fees for such transactions leaving Nigerians stranded and helpless.