Naira redesign good for economy – FG

The Federal Government of Nigeria on Thursday insisted that the redesign and exchange of the naira implemented by the Central Bank of Nigeria (CBN), which has caused unrest among many Nigerians, is necessary for the health of the country’s economy. country in the long run.

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

While expressing her condolences for the difficulties experienced by citizens, she said it will be temporary, but necessary to tackle corruption and gradually transition to a cashless economy.

Recall that with the approval of President Muhammadu Buhari, the top bank had announced last November that it would redesign the N200, N500 and N1000 banknotes, initially specifying January 31, 2023 as the deadline for exchanging all the old ones with the new ones. designed. .

However, the CBN Governor, Godwin Emefiele, later announced a 10-day extension for the deadline from January 31 to February 10, 2023, which will make the old notes no longer legal tender.

The finance minister noted that the president is not happy with the situation but believes it is a wound that needs to be taken care of.

According to her, the naira redesign policy is not only timely, but also has more upsides, as can be seen from the huge amount of unused funds that have already been mopped out of the system.

Details later…