The Olofa of Offa, Oba Mufutau Gbadamosi, has called on the Central Bank of Nigeria to make the new naira notes available to Nigerians.Information Guide Nigeria

PUNCH reports that Mufutau Gbadamosi said this on Thursday in Offa when the CBN monitoring team visited microfinance banks in Offa Local Government Area of Kwara state.

Gbadamosi said, “if the CBN wants the policy to be received with open arms and successful, the new naira notes should be made available for people to spend.”

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He stressed that the extension of the legality of the old notes from January 31 to February 10 was responsible for the problems people were facing currently.

Olofa continued, “People had already deposited all that they had in their possession on January 30 in anticipation to start spending the new notes on February 1, hoping that it would be available, but it’s not so.”

Also speaking, the Director, Consumer Protection, CBN, Mrs Rashidat Mongunu, said that the CBN had made available enough naira notes.NYSC portal

She said that hoarding of the new notes by some people was responsible for its scarcity.

‘’Because of the attitude of some Nigerians in hoarding the money, 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, because when you issue out currency as CBN, what we expect is that the naira issued out will come back into the banking system again.

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

‘’You know that in every economy, you must have proper accountability on the indent. You just don’t issue out naira for the fun of it, you issue the amount that is commensurate with the level of activity you have in that country.”JAMB Result

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