Minister of Finance, Budget And National Planning, Zainab Ahmed, has apologized to Nigerians over the hardship being faced as a result of the naira redesign policy.
The minister, who said President Muhammadu Buhari was unhappy about the hardship, said while the pain was temporary, it was necessary for the policy to be implemented.
She stated this at a media briefing organised by the presidential communications team in Abuja on Thursday.
Ahmed, who described the situation as “temporary and transient”, said it was a necessary price to pay for the nation’s economy to burgeon.
“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 it is not all over. There is still an 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,” the minister said.
Ahmed said the naira redesign policy would also help to combat corruption as well as mop-up cash outside the banking system.
