New Naira: CBN Discloses Those To Be Blamed For Cash Scarcity

The Central Bank of Nigeria, (CBN) has disclosed the reason for the naira scarcity plaguing the nation.

The apex bank Director of Consumer Protection, Rashidat Mongunu while monitoring microfinance banks in Offa, Offa Local Government Area of Kwara on Thursday revealed that Nigerians are responsible for hoarding the cash.

The monitoring team first paid homage to the Olofa of Offa, Oba Mufutau Gbadamosi, before heading to Stockcorp Microfinance and Ibolo Microfinance banks.

The CBN director maintained that the notes have been made available in the right quantity by the apex bank but certain individuals have taken it upon themselves to keep the cash meant for the masses and subsequently cause economic hardship.

She insisted that the attitude of Nigerians has worsened the situation in the country.

“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 said.

Speaking 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. You just don’t issue Naira for the fun of it, you issue the amount that is commensurate with the level of activity you have in that country.”