Naira redesign good for economy — FG

The Federal Government of Nigeria on Thursday insisted that the naira redesign and swap implemented by the Central Bank of Nigeria (CBN), which has caused uneasiness among many Nigerians, is necessary for the long-term health of the nation’s economy.

The Minister of Finance, Budget and National Planning, Zainab Ahmed, gave this position while answering questions from correspondents after making her presentation at the 65th session of the State House Ministerial Briefing organised by the Presidential Communications Team at the Presidential Villa, Abuja.

While expressing sympathy over the difficulties citizens are experiencing, she said it will be temporary but needed to deal with corruption and gradually transition into a cashless economy.

Recall that with the approval of President Muhammadu Buhari, the apex bank had last November, announced that it was redesigning the N200, N500 and N1000 notes and initially giving January 31, 2023, as the deadline for the swapping of all old with the redesigned ones.

The CBN governor, Godwin Emefiele, however later announced a 10-day extension to the deadline from January 31 to February 10, 2023, by which the old notes will cease to be Legal Tender.

The Finance Minister noted that the President is unhappy with the situation but believes that it is a wound that needs to be dressed.

According to her, the naira redesign policy is not only timely but has more positive sides such as can be seen in the huge amount of idle funds already mopped up from the system.

Details later…