The Central Bank of Nigeria (CBN) has urged Nigerians to endure the challenges associated with the circulation of the redesigned Naira notes.
The unavailability of the redesigned N200, N500, and N1000 notes has caused untold hardship for Nigerians, leading to protests.
“As with all far-reaching consequential policies, there is a transition period during which short-term hiccups will be inevitably experienced but eventually overcome.”
“The advantages of the currency redesign are enormous and will benefit the economy in the long run. “We will take all the necessary steps to ensure that there will be a smooth flow of currency swaps and minimize the inconvenience in the short term,” he said.
While noting that the apex bank is working with other stakeholders to address the logistics challenges, he said there are enough new notes, as well as N100, N50, and other denominations, to meet the needs of Nigerians.
He said the bank will sanction any bank frustrating the circulation of the currencies.
“The CBN reiterates the availability of an appropriate amount of currency (redesigned N200, N500, and N1,000 denominations and current N100, N50, N20, N10, and N5 denominations) to support economic activities,” he said.
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