UBA CEO Speaks on New Naira Notes Benefits, Scarcity as Nigerians Get Desperate
- Nigerians are becoming increasingly concerned about the scarcity of new naira notes as the deadline of February 10, 2023 approaches
- The CBN has maintained that no additional extensions would be granted and has urged Nigerians to be patient
- The CEO of UBA Bank has weighed in on what's going on as the ICPC and other anti-corruption officials intensify their investigation
The redesign of the Naira has continued to generate reactions from ordinary and prominent Nigerians, particularly players in the banking sector.
One of such latest commentaries on the naira redesign is from Oliver Chukwudum Alawuba, the Group Managing Director and Chief Executive Officer of United Bank for Africa (UBA)
Alawuba who spoke after being conferred with an honorary doctoral degree at the 8th convocation ceremony of the Imo State University, Owerri, said the Naira redesign is the best thing that could happen to the Nigerian economy at this time.
Benefits of new naira notes
The UBA chief noted further that commercial banks are working assiduously with the Central Bank of Nigeria (CBN) to erase the current hardship faced by Nigerians in accessing the new naira notes.
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He also said the new policy will stabilize the Naira and make it stronger in the long run, the Nation reports.
“The redesign of the naira is a positive policy that will support the economy in the long run. It’s true that we are passing though transition period and I believe that the CBN is working with Deposit Money Banks (DMBs) to make sure that the aspiration and purpose of the redesign come into fruition for the good of the country.”
On the allegations that DMBs are frustrating the intentions of the naira redesign policy, Alawuba urged Nigerians to focus on the positive sides of the policy.
He implored the private sector to work in harmony with the public sector to ensure that the purpose of the naira redesign policy is achieved.
Man slumps and dies in the bank after standing for long hours
In another report, Legit.ng revealed a man has reportedly lost his life after standing in a queue for long hours at a bank in Delta state.
The middle-age-man who lives in was said to have visited the bank to get his ATM for him to make a withdrawal, the Nigerian police confirms.
In the last few weeks, Nigerians have endured long hours of waiting in banking halls and ATMs to make withdrawals.