Central Bank of Nigeria has given reasons behind the scarcity of the new Naira notes.
According to Commission, the scarcity of the new naira was as a result of the hoarding of the notes by Nigerians.
CBN’s Director of Consumer Protection, Mrs Rashidat Mongunu, said this on Thursday while monitoring microfinance banks in Offa, Offa Local Government Area of Kwara described the action of hoarding the said currency as an ill wind that blows no one any good.
The monitoring team, as gathered by Lead Expressby foremost paid homage to the Olofa of Offa, Oba Mufutau Gbadamosi, before heading to Stockcorp Microfinance and Ibolo Microfinance banks.
The CBN director asserted that the redesigned notes were made available in quantum r by the CBN, but those hoarding the notes are to be blamed for currency scarcity which is further worsened by the sheer number of people thronging banks to collect money almost at the same time.
“Because of the attitude of some Nigerians in hoarding the money, even those that don’t really need the money are rushing to get it and keep it, not to spend,” she pointed out.
On the currency management cycle, she affirmed: “We have not allowed the cycle to mature, because when you issue out currency as CBN, what we expect is that the naira issued out will come back into the banking system again. But now, everybody collecting the naira is hoarding it. So, no matter how much naira we put out there, if we continue with this attitude, and the CBN [continues to] issue from now till December, it will still not be enough.”
Monguno added: “In every economy, you must have proper accountability.
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