Federal Government Expresses Concern Over Hardship Caused By Naira Redesign

Written by on February 2, 2023

The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed on Thursday said that the Federal Government is worried over the hardship the redesign of the Naira is causing the people.

The Minister said the harsh realities faced by citizens due to the introduction of the new naira notes by the Central Bank of Nigeria, CBN, is a necessary price to pay for the long-term health of the economy.

Speaking while fielding questions from State House correspondents when she featured at the 65th session of the State House Ministerial Briefing organized by the Presidential Communications Team at the Presidential Villa, Abuja, Mrs. Ahmed said President Mohammadu Buhari is not happy that the citizens are suffering because of the implementation of the naira redesign but was convinced that the policy will at the long run be beneficial to the economy.

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

She said that one of the positive aspects of the policy is that a lot of money has been mopped up.

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