Cash Scarcity: Tinubu To Sign Executive Order Soon – Osoba Reveals

Former Governor of Ogun State, Olusegun Osoba, has revealed that President Bola Tinubu will soon sign an executive order to discourage Nigerians from hoarding cash in their houses.

Making this disclosure during an interview with Arise TV, the former governor disclosed that the executive order will encourage Nigerians to bring out funds that they have stockpiled in their homes into the bank’s vault.

“During my discussion with President Bola Tinubu on Christmas Day, he disclosed to me that he is preparing a document to encourage Nigerians to bring out hidden funds that are currently out of the banking system and causing cash scarcity,” Osoba said.

Naija News reports that his comment comes as Nigerians continue to face difficulties in getting access to cash.

CBN Gives Fresh Update On Old And New Naira Notes Amidst Cash Scarcity

The Central Bank of Nigeria (CBN) in December emphasized that new and old naira notes remain valid beyond 31st December 2023.

The CBN urged citizens and residents to accept and spend both the old and new naira notes as they exist side by side.

“Beyond December 31, 2023… the old and redesigned Naira Banknotes remain valid,” the apex bank wrote.

The apex bank gave the update amidst the naira scarcity and cash crunch being experienced in some states of the federation.