Akinwande Soji-Ojo
The Central Bank of Nigeria (CBN) has begged Nigerians to endure the challenges associated with the circulation of the new naira notes.
The unavailability of the redesigned N200, N500 and N1000 notes has brought untold hardship on Nigerians, leading to protests in some states.
Speaking at a briefing in Lagos on Friday, CBN Governor, Godwin Emefiele, said the benefits of the redesigned notes outweighs the initial challenges.
“As with all far reaching consequential policies, there is a transition period during which short term hiccups will be inevitably experienced but eventually overcome.
“The advantages of the currency redesign are overwhelmingly enormous, and will benefit the economy in the long-run. We will take all the necessary steps to ensure that there will be a smooth flow of currency swap and minimise the inconvenience in the short-term,” he said.
While noting that the apex bank is working with other stakeholders to address the logistics challenges, he said there are enough new notes as well as N100, N50 and other denominations to meet the demands of Nigerians.
He said the bank will sanction any bank frustrating the circulation of the currencies.
“The CBN reiterates the availability of an appropriate amount of currency (redesigned N200, N500, and N1,000 denominations and current N100, N50, N20, N10 and N5 denominations) to support economic activities,” he said.
He also said the bank is not considering an extension to the 10-day grace granted by President Muhammadu Buhari.
