Osinbajo Decries Naira Scarcity, Urges CBN, Banks To Ease Situation

The Vice President of Nigeria, Yemi Osinbajo has expressed concern over the hardship beimge faced by Nigerians due to the scarcity of the new Naira notes.

The Central Bank of Nigeria (CBN) in October last year announced the redesign of the N200, N500, and N1000 notes.

Last Sunday, the apex bank extended the deadline for the naira swap till February 10 from the initial date of January 31, after pressure from Nigerians.

Information Nigeria reports that Nigerians had in the last few days kept vigil in banks and Automated Teller Machines (ATMs) stands across the country in a bid to get cash for their daily needs.

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However, Osinbajo speaking at a meeting with some financial technology (Fintech) stakeholders in Abuja, maintained that Nigerians are in dire need of cash to run their daily activities and engagements.

Urging the CBN and banks to deploy more fintech and money agents to the rural areas to fix the situation, Osinbajo said: “In Abuja how do you take ‘drop or along’ or use a Keke NAPEP without cash, or buy foodstuff on the road or in canteens, or even buy recharge cards?

“Parents with kids in public schools give money daily to their children for lunch, most commerce is informal, so you need cash for most things.

“People everywhere in the urban areas and rural areas simply have no money.”