Naira Scarcity: Again, CBN Offers Solution, Tells Nigerians What To Do

Naira Scarcity: Again, CBN Offers Solution, Tells Nigerians What To Do

The Central Bank of Nigeria (CBN) has proffered an alternative payment method to the cash scarcity in the nation which has resulted in economic hardship for the people.

The apex bank urged the citizenry to make use of the eNaira and internet banking as alternatives to the current naira scarcity.

The Director, Corporate Communications Department of the CBN, Osita Nwanusobi, who was represented by the Director, Capacity Development of CBN, Mohammed Abbah stated this while speaking at the recently held 44th Kaduna International Trade Fair.

Osita explained that the aforementioned platforms could handle an increasing number of transaction volumes across all payment channels

He noted that the new naira policy was not targeted at any individual as being insinuated in the public domain.

According to him, “The CBN Governor, Mr. Godwin Emefiele, has always said that the policy is not targeted at anyone or any group of persons, rather, it derived from the Bank’s in-house analysis to strengthen our macroeconomic fundamentals and better our socio-economic conditions.”

Speaking on the theme, “Promoting Value Addition for Economic Growth and Development”, he explained that promotion of value plays an important role to Nigeria’s economic growth and development.

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He further said the apex bank was projected to boost financial inclusion through reduction of the number of the unbanked population and to support the efforts of the security agencies in combating banditry and ransom-taking in Nigeria through this programme.

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