Naira Scarcity: CBN Governor Emefiele Begs Nigerians for 1 Thing, Gives Reasons

Naira Scarcity: CBN Governor Emefiele Begs Nigerians for 1 Thing, Gives Reasons

  • Nigerians have been urged to remain calm and patient with the transition of the phase of the new naira notes
  • The plea was made by the governor of the Central Bank of Nigeria, Godwin Emefiele, following the challenges faced by Nigerians in accessing the naira notes
  • Godwin Emefiele said hiccups are always expected in situations like this but will surely be overcome

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The governor of the Central Bank of Nigeria, Godwin Emefiele, has appealed to Nigerians to ensure the challenges they are currently encountering with the circulation of the new naira notes.

Daily Trust reports that Emefiele while speaking in Lagos on Friday, February 3, said that the benefits of the redesigned notes will outweigh the initial challenges.

Godwin Emefiele, CBN, new naira notes, Muhammadu Buhari
Godwin Emefiele has appealed to Nigerians to exercise patience over the naira swap. Photo: Bashir Ahmad, CBN
Source: Getty Images

Several Nigerians have continued to suffer in their effort to access naira notes from banks and Automated Teller Machines leading to protests in various parts of the country.

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Naira scarcity: Finally, Peter Obi wades in, tell Nigerians what to do

In some cases, Point of Sale agents has also used the opportunity to rip Nigerians off their hard-earned money charging N1,000 for N10,000.

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Emefiele said:

“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 swaps and minimize the inconvenience in the short term."

Stakeholders in banking industry involvement

The CBN governor also said that stakeholders in the industry are working to address logistics challenges faced with the circulation of the new currency.

He added:

“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."

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"7 days too long": APC senator addresses naira scarcity, sends tough message to Buhari

Emefiele also mentioned that the apex bank has no plan to extend the 10-day grace granted by President Muhammadu Buhari.

2023: Peter Obi breathes fire, sends strong message to FG over lingering fuel scarcity, naira notes shortage

Peter Obi had earlier condemned the incessant hardship faced by Nigerians due to the scarcity of naira notes across the country.

The Labour Party's presidential candidate said Nigerians are not only suffering from the lack of funds but are also being dehumanised due to fuel scarcity.

Obi warned that the untold hardship is negatively impacting people, especially women and children.

Naira swap crisis: APC governors move against CBN, Godwin Emefiele, give reasons

The February 10 deadline given by the Central Bank of Nigeria for swapping old notes for new notes has been rejected.

The CBN deadline was rejected by governors of the ruling All Progressives Congress on Thursday, February 2.

According to the APC governors, the new policy by the CBN has done nothing but brought hardship to Nigerians.


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