Peter Obi pleads with Nigerians to bear with the CBN over the currency shortage debacle

FORMER Anambra Stare governor and Labour Party presidential candidate Peter Obi has called on Nigerians to bear with the federal government and the Central Bank of Nigeria (CBN) over the ongoing currency redesign exercise that is causing untold hardship.

On November 23 last year, the Central Bank of Nigeria (CBN) launched redesigned ₦‎200, ₦‎500 and ₦‎1000 banknotes, saying the naira was long overdue to wear a new look. Nigerians had been given until January 31 to hand in all old notes, after which time they will cease to be legal tender but the process has been fraught with difficulties, prompting the National Assembly to ask the CBN to extend the deadline.

Under pressure from all angles, CBN chairman Godwin Emefiele announced a new deadline is now February 10. However, the last week has been sheer hell for Nigerians as they have found it impossible to get hold of these new notes and this currency scarcity has created shortages in other areas, with petrol shortages now a chronic problem too.

At commercial banks across the country, there are chaotic scenes as customers queue for hours to get hold of these scarce banknotes. Those that manage to get hold of any money then have to spend hours queuing for fuel and to make things worse, voters who want to participate in this month's elections, when have to go and queue for hours to obtain their permanent voters cards.

Commenting on the debacle, Governor Obi pleaded with Nigerians to bear with the authorities over the biting challenges experienced across the country. Writing on his Twitter handle, Governor Obi said currency redesigning was not peculiar to Nigeria, saying that the inconveniences experienced now would yield long-term economic benefits, although he added that improvements could have been made in the implementation.

Governor Obi said: “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.”

On Friday, President Muhammadu Buhari said that in seven days time from then, he would address the woes associated with accessing the redesigned notes. This is as protests broke out in various cities across the country, with many Nigerians angry about the pains and hardship they are being subjected to.