Redesign of naira notes can further cripple economy-Obaseki

Redesign of naira notes can further cripple economy-Obaseki

 

Edo state Governor Godwin Obaseki has faulted the move by the Central Bank of Nigeria, CBN to re-design some Naira notes in the country.

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The governor who was speaking at the inauguration of people’s Democratic Party women campaign council in the state, said the plan is not a good decision at this time in the country as it can further cripple the nations economy.

According to him, the CBN has no basis for changing the currency at a time in the country.

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“The urgency for us is how to get food for our citizens to remove starvation and hunger from the land. The urgency is on how to maintain discipline in our monetary policy so that we can manage our foreign exchange rate because we are import-dependent,” the governor noted.

He urged the federal government to focus on monetary policy that would help manage import dependency rather than a strategy that would cause greater harm.

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