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CBN Cashless Policy Causing Nigerians Pain – Nasarawa Gov


(AFRICAN EXAMINER) – The Governor of Nasarawa State, Abdullahi Sule, has bemoaned the sufferings Nigerians have been subjected to because of the Central bank of Nigeria’s cashless policy.

According to him, the pain Nigerians are going through is needless.

Sule stated this in Obi Local Government in the state during an interactive session with APC stakeholders the LGA in continuation of his second term campaign, the Nation reports.

He said that the reason Nigerians were facing difficulties was that insufficient naira notes were printed.

He said, “In Nigeria, we have about N3 trillion in circulation. But the CBN only printed N200bn new naira, which is inadequate. Actually, the CBN merely collected money from the hands of Nigerians.

“Some people are complaining because they don’t understand the economic situation of the world. They claim that Nigeria has too much money in circulation.

“This is far from the truth, if you look at what is happening in the US, and how that country transited to a cashless society, you will understand better, but 20 per cent of the US wealth is cash in circulation. In India, 15 per cent of the country’s wealth is in circulation.”

Continuing, he said, “In Nigeria, the country’s collective wealth is over N50 trillion but out of this, only N3 trillion is in circulation, which is less than five per cent. The argument that there is too much money in circulation in Nigeria is not true. By the time the cash in circulation reaches about N10 trillion, that is when we can push to transit to a cashless society.”

NAN

 

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