The CBN Director of Consumer Protection, Mrs Rashidat Mongunu, said this on Thursday while monitoring microfinance banks in Offa Local Government Area of Kwara ...
”But now, everybody collecting the Naira is hoarding it. ”You just don’t issue out Naira for the fun of it, you issue the amount that is commensurate with the level of activity you have in that country,” Mongunu said. ”Currency management is a cycle but 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.
The Director, Consumer Protection, CBN Ilorin Branch, Mrs Rashidat Mongunu, made the disclosure during monitoring exercises on some micro-finance banks at Offa, ...
”But now, everybody collecting the naira is hoarding it. She added that the CBN was already engaging traditional rulers to sensitive their people to have a positive attitude and be confident that the naira redesign policy was not to punish anyone but to better the economy. ”You just don’t issue out naira for the fun of it, you issue the amount that is commensurate with the level of activity you have in that country.” ”The truth is that if the currency is circulating the way it should and not being hoarded, we shouldn’t have a problem. ”Currency management is a cycle but 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. According to her, ”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, not to spend.
The Central Bank of Nigeria (CBN) has attributed the scarcity of the redesigned naira notes to hoarding by citizens.
“But now, everybody collecting the naira is hoarding it. ”There is naira out there. ”The only thing is for us to change our attitude because it can only get better when people start spending the money they have hoarded.”
The Central Bank of Nigeria (CBN) has attributed hoarding of the new naira notes as being responsible for its scarcity, and not that small quantity was ...
30 in anticipation to start spending the new notes on Feb. Responding, the traditional ruler said the extension of the legality of the old notes from Jan. ”But now, everybody collecting the Naira is hoarding it.
Anambra State Police Command says it has uncovered plans by some groups of persons to take advantage of the scarcity of the new Naira notes to.
The Command enjoined Ndi Anambra and other residents of the State not to panic and urge the law-abiding residents and visitors of the State to go about their lawful duties without any fear of harassment or intimidation. A statement by the State Police Public Relations Officer, DSP Tochukwu Ikenga, warned these groups and persons to shelve their planned violence or have the total weight of the law to contend with. The Anambra State Police Command says it has uncovered plans by some groups of persons to take advantage of the scarcity of the new Naira notes to unleash violence in some parts of the State.
The cashless policy has brought nothing but untold hardship on Nigerians because of poor and inadequate planning by the CBN and the commercial banks in ...
[hoarding the naira notes ](https://www.legit.ng/business-economy/economy/1518557-efcc-nabs-bank-manager-abuja-hoarding-n29-million-notes/)and refusing to dispense to customers, as evident in some of the banks that the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices Commission [(ICPC) have busted](https://www.legit.ng/business-economy/economy/1518526-cbn-discovers-n6-million-naira-notes-hoarded-ekiti-bank/) in recent times. In the course of the deadline extension, the old naira notes must be in concurrent use with the new notes. At this point, many are beginning to read political meanings to the scarcity, with If not properly handled, this could result to an uprising and anarchy in the country. There have also been reports of more protests and riots in some parts of [Ogun State](https://www.legit.ng/tag/ogun-state-news-today/) and Edo State where protesters made bonfires and [blocked major roads](https://www.legit.ng/nigeria/1518725-protest-edo-ondo-cbn-entrance-blocked-naira-scarcity-bites-hard/). A lot of businesses right now are suffering from fewer patronage as customers lack cash for payment for goods and services. [stripping inside banking halls](https://www.legit.ng/people/1518827-beat-man-wearing-boxers-creates-a-scene-bank-trending-video-nigerians-react/) demanding for their money. [queues at filling stations](https://legit.ng/1516038-long-queues-fuel-sells-n350-litre-lagos.html) as fuel scarcity lingers. Nigerians are used to tolerating grueling government policies, but the naira swap which has led to a scarcity has to be the one that bites the hardest. Many ATM points have been [converted to temporary sleeping camps](https://www.legit.ng/people/1518209-drama-bank-nigerian-man-shows-bed-gas-cooker-pot-demands-money-funny-video-trends/) by some customers. PoS operators who could have served as alternatives are also dealing with a shortage of cash. The pandemonium escalated last Friday to
The Central Bank of Nigeria (CBN) has blamed hoarding for the present scarcity of new naira notes being faced by Nigerians....
In his remark, the Olofa of Offa, Oba Gbadamosi Esuwoye II, said the extension of the legality of the old notes from Jan. “Currency management is a cycle but we have not allowed the cycle to mature. ”But now, everybody collecting the naira is hoarding it.
By Michael Ovat, Awka The Anambra State Police Command says it has uncovered plans by some groups of persons to take advantage of the scarcity of the new.
The Command, enjoined Ndi Anambra and other residents of the State not to panic and urge the law-abiding residents and visitors of the State to go about their lawful duties without any fear of harassment or intimidation. A statement by the State Police Public Relations Officer, DSP Tochukwu Ikenga, warned these groups and persons to shelve their planned violence or have the full weight of the law to contend with. The Anambra State Police Command says it has uncovered plans by some groups of persons to take advantage of the scarcity of the new Naira notes to unleash violence in some parts of the State.