FG: Naira Swap Good for Nation’s Economy

* Says present hardship temporary 

Deji Elumoye in Abuja

The Federal Government of Nigeria has said that the currency swap being implemented by the Central Bank of Nigeria (CBN), which is causing unease among Nigerians, is necessary for the long term health of the nation’s economy. 

The Minister of Finance, Budget and National Planning, Zainab Ahmed, stated this on Thursday at a news briefing at the State House, Abuja.

While expressing sympathy over the difficulties citizens are experiencing, Ahmed said the pains will be temporary as the nation needs to deal with corruption and gradually transit into a cashless economy. 

The minister noted that President Muhammadu Buhari 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. 

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

Details later…