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New Naira: Why CBN Cannot Blame Banks for Scarcity

The Central Bank Of Nigeria (CBN) only has itself to blame for the scarcity of new naira notes.

Fiscal policy expert, Taiwo Oyedele, made this assertion in an interview with Sheriff Quadry on Morning Crossfire.

Anger has spread across the country over the scarcity of the new notes with several bank customers becoming stranded due to lack of access to the new notes. Retailers and traders have been rejecting the old notes amid long queues at ATM galleries across the country.

On the other hand, the CBN Governor, Godwin Emefiele, has accused some commercial banks of hoarding the new naira and refusing to dispense the redesigned notes distributed to them. 

However, Oyedele argues that CBN should be blaming themselves instead.

“If the CBN had printed one-for-one, old for new(Naira), then you can’t accuse a bank of hoarding it cause there will be no need to hoard it,”

“You say people are hoarding petrol, so you blame the poor guys selling it in jerrycans, if you have pumped enough, if there was enough fuel in circulation, that becomes a non-issue, he argues.”


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