Why naira redesign is best for economy- UBA CEO

Marcus Amudipe
Marcus Amudipe



Wilson Adekumola


Group Managing Director and Chief Executive Officer of United Bank for Africa, UBA, Plc, Chief Oliver Chukwudum Alawuba, has said the naira redesign is the best policy that could happen to Nigerian economy at this time.

He promised that the deposit monetary banks are working tirelessly with the Central Bank of Nigeria, CBN, to address the hardship faced by Nigerians in accessing the new naira notes.


Alawuba who was recently conferred with an honorary doctoral degree at the 8th convocation ceremony of the Imo State University, Owerri, stated that the new policy will stabilise the naira and make it stronger in the long run.


He said, “The redesign of the naira is a positive policy that will support the economy in the long run. It’s true that we are passing though transition period and I believe that the CBN is working with Deposit Money Banks,DMBs, to make sure that the aspiration and purpose of the redesign come into fruition for the good of the country.”

While speaking on the allegations that DMBs are frustrating the intentions of the naira redesign, he said Nigerians need to focus on the benefits rather on the positive sides of the policy.


He then charged the private sector to join force with public sector to ensure that the purpose of the naira redesign was not defeated.


Speaking on the occasion, the Vice Chancellor, Prof U.U. Chukwumaeze, while speaking on the occasion, said, what the institution needed badly is hostels to accommodate the growing population of students to save them from hassles of landlords.


At the event, former deputy governor of Anambra State, Mrs. Virgy Etisba, an entrepreneur, Chief Chika Emenike, and Executive Secretary of Nigerian Content Development and Monitoring Board, Simi Kesiye Wabote were also among those confere with honorary degrees.


The state Governor Hope Uzodimma who also graced the ceremony expressed his joy with standard of the university saying, he was passionate about the repositioning of the university as a leading citadel of learning in the country and as an arena for generating and harvesting of intellectual ideas and capacities that would help in the positive transformation of Imo State and the country in general.


“As we know, knowledge is power. Ideas create knowledge. And both ideas and knowledge jointly rule the world. This being so, we must put in everything at our behest to ensure that our own centre for ideas generation and knowledge creation, which is Imo State University, is among the best in the world.”

Share this Article
Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *