Naira Scarcity: Bear With CBN, FG — Peter Obi

Labour Party presidential flag bearer Peter Obi has urged Nigerians to bear with the Central Bank of Nigeria and the federal government over the inconveniences brought about by the apex bank's recent reforms.

The scarcity of the naira notes has crippled business activities across the nation, with POS operators dominating the market and charging exorbitant rates for cash withdrawals.

Amid the adverse effects traceable to the impending deadline for the phasing out of the old naira notes, Peter Obi has stated that citizens will reap the gains of CBN's reforms.

Speaking via his Twitter handle on Sunday, the former Anambra governor implored the apex bank to make the new currency available to small depositors and the unbanked in order to reduce the pains being experienced by many.

"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", the post reads.

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,

— Peter Obi (@PeterObi) February 5, 2023

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.

— Peter Obi (@PeterObi) February 5, 2023

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

— Peter Obi (@PeterObi) February 5, 2023