Peter Obi appeals for calm over cash crunch, challenges banks

Presidential candidate of the Labour Party (LP) Mr Peter Obi has appealed to banks to expedite action to reduce the pains and discomfort small depositors and the unbanked are currently going through.

In a statement issued on Sunday in Abuja by the Labour Party Presidential Campaign Council’s media team, Obi threw his weight behind the currency redesign, saying that the exercise has long-term economic benefits.

“Even though there are improvements that can be made, I urge Nigerians to bear with the CBN and the Federal Government with the hope that Nigeria will harvest the gains that will come with the reforms,’’ he said.

According to Obi, the currency redesign is not peculiar to Nigeria. It is an exercise that comes with some inconveniences and pains but it has significant long-term economic and social benefits.

Obi urged the CBN and banks to expedite action to make the new naira available to small depositors and the unbanked to reduce the pains Nigerians, particularly those in the rural areas, are going through. (NAN)