Naira Scarcity: Pain Is Temporary Sacrifice Necessary For Long Term Economy Sanity– FG
Category: Nigeria News
The Federal Government has explained the persisting cash scarcity
and its attendant pains by Nigerians as a result of the introduction of
redesigned naira notes should be seen as a temporary sacrifice to achieve
long-term economic sanity.
Minister of Finance, Budget and
National Planning, Mrs. Zainab Ahmed, who stated this when she appeared as the
65th guest on the Ministerial Briefing, organized by the Presidential
Communication Team, at the State House in Abuja, also said President
Muhammadu Buhari
is not happy about the situation.
Ahmed likened the current
situation being experienced by Nigerians to a patient having a wound or deep
sore but must submit to an excruciating pain while undergoing treatments.
She, however, said government is pleased that a huge amount of the
funds outside the banking sector have been mopped back into the banking
system, which will in turn give the regulatory agencies control over the
nation’s currencies.
According to Ahmed, the current hardships,
though temporal, are required to stifle corruption and gradually transition
into a cashless economy.
Governor of the Central Bank of Nigeria
(CBN), Mr. Godwin Emefiele, last November, announced government’s plan to
replace the N1000, N500 and N200 notes with newly redesigned versions, fixing
the validity of the old versions to January 31, 2023.
Circulation
of the new notes became scarce and Nigerians have been subjected to some of
the most difficult situations, including strains of commercial activities and
procurement of everyday household needs.
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