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New Notes: Pains regrettable, transient, necessary for economic growth –FG

The Federal Government has described the pains being experienced by the people in their bid to swap the old naira for the re-designed ones as regrettable and transient, but necessary for the growth of the nation’s economy. Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, said this yesterday while responding to questions on untold hardship being faced by the people at an interactive session organised by the Presidential Media Team at the Presidential Villa. Ahmed said: “Of course, we are worried. We are not happy that citizens have to queue and struggle at ATMs to be able to get their cash. But this is a temporary situation. Let me just give you an analogy.

If you have a wound, for you to be able to heal that wound, you need to be dressed. And, sometimes, when you go to the hospital, they put iodine on the wound and it is very painful. It is necessary to do that to be able to get the wound to heal. “So, it’s not easy. Mr President is not happy that citizens are suffering.

But we are convinced that it is something that needs to be done at this time and also the Central Bank has been responsive in terms of providing some extension and also further explanation that come the closing date, it is not all over. “There is still opportunity for citizens as provided for in the CBN Act, Section 20 subsection 3, to actually take the old currency to the Central Bank for redemption. So, it’s not all over.”

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