Naira scarcity pain temporary sacrifice for saner economy - FG

• Published date: 02 February 2023
• Publication title: Nigeria - The Nation

The Federal Government has explained the persisting cash scarcity and its attendant pains by Nigerians as a result of the introduction of redesigned naira notes should be seen as a temporary sacrifice to achieve long-term economic sanity.

Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, who stated this when she appeared as the 65th guest on the Ministerial Briefing, organized by the Presidential Communication Team, at the State House in Abuja, also said President Muhammadu Buhari is not happy about the situation.

Ahmed likened the current situation being experienced by Nigerians to a patient having a wound or deep sore but must submit to an excruciating pain while undergoing treatments.

She, however, said government is pleased that a huge amount of the funds outside the banking sector have been mopped back into the banking system, which will in turn give the regulatory agencies control over the nation's currencies.

Naira redesign: More bank customers embracing cashless banking

According to Ahmed, the current hardships, though temporal, are required to stifle corruption and gradually transition into a cashless economy.

Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, last November, announced government's plan to replace the N1000, N500 and N200 notes with newly redesigned versions, fixing the validity of the old versions to January 31, 2023.

Circulation of the new notes became scarce and Nigerians have been subjected to some of the most difficult situations, including strains of commercial activities and procurement of everyday household needs.

The Federal Government extended the deadline last week with 10 more days to allow Nigerians more time to change their old...