New naira: We didn’t anticipate challenges, CBN admits

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A Deputy Governor of the CBN, Folashodun Shonubi, admitted today, Thursday, 9th February 2023, that the ongoing scarcity associated with the naira redesign and cash withdrawal policy was not anticipated.


This revelation was made at the 22nd fellowship conferment lecture and ceremony organised by the Nigerian Society of Engineers in Abuja, amidst several protests and attacks on banks by angry Nigerians due to the accessibility of cash.


“Contrary to public opinion,” he had said, “the redesign plan which has been in the works for two years was not to punish anyone but to improve the economy,” while stating the numerous challenges faced.



“These,” he said, were “caused by a new line of business created by indigenous Nigerians.” Still, he revealed that numerous benefits have been achieved which include the retrieval of N2 trillion to the banking system.


However, he noted that the challenges will soon fade into history while adding that the CBN will go to any length within its powers to salvage the current situation. Sooner, rather than later, “the money-related stress would reduce.”



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