CBN Gives Reason For New Naira Scarcity

CBN Gives Reason For New Naira Scarcity

The Central Bank of Nigeria (CBN) has blamed hoarding for the current scarcity of new naira notes that Nigerians are experiencing.

Mrs Rashidat Mongunu, CBN Director of Consumer Protection, disclosed this yesterday in Offa, Kwara State, during monitoring exercise visits to some microfinance banks in the state.

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She said, ‘’There is naira out there. I have been in Kwara for over three weeks now and we have been allocating money daily.

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‘‘Now, everybody collecting the naira is hoarding it. So, no matter how much naira we put out there, if we continue with this attitude from now till December, it will still not be enough.

‘Even those that don’t really need the money are rushing to get it and keep; not to spend.

‘‘Currency management is a cycle, but we have not allowed the cycle to mature. When you issue currency as CBN, what we expect is that the naira issued will come back into the banking system again.”

The CBN director added that the situation would only improve if people began spending money they had already hoarded because there was enough money in circulation.

She went on to say that the CBN was already working with traditional rulers to instill confidence in their people that the naira redesign policy was not intended to punish anyone but to improve the economy.