Emefiele to Nigerians: Endure naira scarcity hardship

Godwin Emefiele, the governor of the Central Bank of Nigeria (CBN), has urged Nigerians to endure the hardship posed by non-available new banknotes.

TheCornet reports that several members of the public are outraged by the current naira scarcity both at the banks and ATM points.

The situation has consequently provoked protests at several banks and some parts of the country.

Making a plea on Friday, Emefiele called for understanding and public tolerance to the controversial monetary policy.

He 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 swap and minimize the inconvenience in the short-term.”

Emefiele 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.”

The CBN governor equally stated banks hoarding the new banknotes would be sanctioned. He ruled out the likelihood of extending the deadline for swapping old for new notes.

The Bank chief had announced February 10 as the new deadline, after he met with President Muhammadu Buhari last weekend.

On Friday, governors elected on the platform of the ruling All Progressives Congress (APC) met with President Buhari on the controversy that continues to trail the redesigned notes.

In his reaction after the consultation, the President asked for 7 days, after which he would announce his decision on the matter.


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