“It is Not Deliberate”: FG Speaks on New Solution to Solve Cash Scarcity in Nigeria
- The Federal Government has said that the suffering caused by naira scarcity is not deliberate
- It noted that work is ongoing to produce new notes to ensure Nigerians have access to cash
- It also said that the president is working to ensure that 2024 will be a better year for citizens
Legit.ng journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.
The Federal Government has clarified that the current scarcity witnessed in the country is not deliberately to cause Nigerians suffering.
Source: UGC
Minister of Information and National Orientation Mohammed Idris made this known at a press briefing on President Bola Tinubu's administration's achievements in Abuja on Thursday, December 21.
More new notes to be produced
According to the minister in a Vanguard report, the Central Bank of Nigeria (CBN) is working to ensure Nigerians have access to new notes.
He said:
“The government is aware that there is this cry by Nigerians of the scarcity of Naira notes and CBN is already working in that direction and new notes and more and new notes will be produced and Nigerians will have more money to spend.
“It is not a deliberate policy to stifle Nigerians or take Naira out of Nigerians like during the Emiefele days.”
He also stated that President Bola Tinubu is taking the necessary steps and is optimistic that 2024 will be better for Nigerians.
This comes after a report that a scarcity of cash in the financial system has made it difficult for banks to pay many consumers who wish to withdraw their money.
Legit.ng reported that PoS operators have hiked charges to over 100% following persistent cash scarcity in Nigeria.
Senior bank workers give reasons for cash scarcity as PoS operators set new withdrawal charges
Legit.ng reported that the Association of Senior Staff of Banks, Insurance, and Financial Institutions (ASSBIFI) has attributed the current cash scarcity in Nigeria to hoarding.
In a statement titled "Scarcity of Naira notes" signed by Olusoji Oluwo, President of ASSBIFI, Olusoji Oluwo, ASSBIFI also blamed panic withdrawals by bank customers for the cash scarcity.
In its statement, the union also asked Nigerians hoarding the Naira notes to stop as their actions inflict pain and hardship on innocent and vulnerable Nigerians, Vanguard reports.
PAY ATTENTION: Donate to Legit Charity on Patreon. Your support matters!
Source: Legit.ng
