Obaseki, Sule Faults Timing Of Planned Naira Redesign

Governor Godwin Obaseki of Edo State and his Hasarawa State counterparts, Abdulahi Sule, have expressed concern over the plans by the Central Bank of Nigeria (CBN) to redesign the N200, N500 and N1,000 notes.

The new notes will be unveiled December 15, while the existing ones will be phased out January 31.

Sule worried that the policy would further battered the exchange rate of the Naira, thereby worsening the economic situation in the country.

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Governor Obaseki, inaugurating the Edo State chapter of the PDP women campaign council in Benin City, said such a policy at a period when majority of the people are suffering from hunger, poverty and economic hardships is ill advised.

According to the governor, the announcement of the policy had triggered the rush for foreign exchange, thereby pushing the exchange rate of the naira past N800 to a dollar.