Naira swap necessary ‘pain’ for Nigeria’s economy, says FG

Our reporter| Following the current hardship faced by Nigerians over the redesign of the new naira note, the Federal Government on Thursday expressed concern but describes the pain as transient.

The Minister of Finance, Budget, and National Planning Zainab Ahmed, who stated this during the weekly ministerial briefing at the State House in Abuja, said President Muhammadu Buhari is unhappy with the situation but by the same token likened it to a wound that needs to be dressed.

According to her, the harsh realities citizens are facing over the swap are temporary and a necessary price to pay for the nation’s economy to burgeon.

The finance minister equally expressed the conviction that the new policy is timely and required to curb corruption, adding that there have been positive sides to the policy, evident in the huge mop-up of idle funds.

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Meanwhile, the Central Bank of Nigeria (CBN) earlier on Thursday directed commercial banks to begin the payment of the new naira notes to customers over the counter.

In a statement signed by the Bank’s Director, Corporate Communications Osita Nwanisobi, the apex bank said the measure is part of moves to ameliorate the plight of Nigerians who are finding it hard to get the new notes.

“In line with this resolve, the Governor, Mr. Godwin Emefiele, has directed deposit money banks (DMBs) to commence the payment of the redesigned Naira notes over the counter, subject to a maximum daily payout limit of N20,000,” the statement added.

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