Peter Obi Backs CBN On New Naira Notes

Peter Obi Backs CBN On New Naira Notes

Peter Obi, the presidential candidate of the Labour Party, has thrown his weight behind the Central Bank of Nigeria (CBN), on the new naira notes.

Noting that currency redesign wasn’t peculiar to Nigeria, Obi said even though the process ushered in some inconveniences, there are improvements that can be made.

The labour party presidential aspirant, therefore, appealed to Nigerians to bear with the central bank, as he as well urged the CBN to ensure that the redesigned notes spread as quickly as possible so as to ease the pain of the masses.

His words: “The currency redesign is not peculiar to Nigeria. It is an exercise that comes with some inconvenience and pain but it has significant long-term 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.”

Meanwhile, Borno State Governor, Professor Babagana Zulum, had directed banks to dispense new naira notes via their Automated Teller Machines (ATMs) and banking halls or risk losing their lands.

Zulum gave the warning after visiting branches of banks in Maiduguri, the state capital, to assess problems being faced by residents trying to access new naira notes.

“Any bank in Borno State that is not willing to ensure their ATMs are fully dispensing new naira notes cash to ease the suffering of our people, we will withdraw their land title immediately. We will only spare Banks with genuine constraints that are verifiable,” the governor warned.