Again, CBN reacts to scarcity of new naira notes

The Central Bank of Nigeria (CBN) has reacted to the scarcity of new Nigerian currency facing the people.

The apex bank blamed hoarding for the problem of scarcity.

The CBN director, Consumer Protection, Mrs Rashidat Mongunu, made this revelation in Offa, Kwara State, while visiting some financial institutions to monitor the situation of things.

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

‘‘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 said the people need to let out the money in their possession as there are enough money in the country.

She further revealed that the apex bank was in discussion with traditional rulers to educate their people on the policy of the government.