Naira scarcity: Nigerians accuse FG of investing in MMM

Some Nigerians have accused the federal government of investing in the popular Ponzi scheme, MMM, following reports of scarcity of small naira denominations in the country.

The accusations surfaced after sources in the Central Bank of Nigeria (CBN) disclosed to the media that the apex bank failed to print small naira denominations for about a year due to the current economic recession.

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The sources explained that CBN did not award contract for the printing of the notes such as N5, N10, N20 and N50 usually done abroad due to the high cost of printing the banknotes.

“The cost of printing N50 is almost the same as N1,000. Printing small denominations costs more than the value and with the present economic situation, it makes sense to print higher notes which can be done locally by NSPM," a source at the apex bank said.

However the CBN has denied the allegation that it had not contracted the printing of smaller denomination currencies since 2015.

The CBN acting director, corporate communications, Mr Isaac Okorafor, dismissed reports of scarcity of smaller denomination in the market.

But some Nigerians puzzled by the revelation have described the currency saga as an embarrassment to the nation.

Other commentators insisted that the scarcity was caused by the CBN investing in the MMM scheme.

Read reactions to the issue below:

Jacob Kingsley: "As you can see that everything in Nigeria now is politics. Always try to come up with excuse instead of doing the right thing to move the country forward. This is the first time in the history of Nigeria that the CBN stop printing low denomination currency because of festival. CBN is now MMM. There is Godooooo."

Hajara Ibrahim: "Tell us the truth... Una don carry our money do MMM. Una think say we no know."

Lugar Ikenna Anozie: "Gcfr U guys were discouraging people to do MMM,but u carry our money do MMM...just tel us d truth,we will fogive u people."

On his part, Akinyemi Sunday suggested that the scarcity was caused by treasury looters who had prevented the funds from circulating.

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He said: "The reason for the scarcity is as a result of stock piling of naira notes in private homes by politicians and public servants particularly the ex and serving governors and National Assembly members and treasury looters.

"As a matter of fact the money which is kept away from the system and from circulation is far far far bigger bigger bigger than the volume of money in the economy. Tooooooooo muuuch money had been stolen and kept away leaving the economic with stroke. Remember the judges and what was found in their homes.

"The politicians and criminals who gave them are having 99% of what they gave them in underground floors and isolated houses built for hiding money. This is the naked truth which the CBN knows but cannot tell us."

Gabriel Jerry sounded puzzled by the issue when he said: "Are you saying that you couldn't afford to print out smaller denominations? The central bank of the most populous country in Africa cannot afford to print her notes ? I reserve my comments."

Another group of commentators vented their anger on the Buhari administration over the issue:

Chidimma Claribel: " Hmmm,first in history to hear this type of story!which way Buhari?which way Nigeria?"

Zulu Donatus: "Upon the produced number of of barrels of oil increased . Jokers. Buhari wants to finish the oil before he steps down including the money he is taking from people. Nigerians would realise what we are talking about Buhari very soon."

Mercy Ihuoma: "That's rubbish. Other countries still use the least of the denominations of their currencies. Story for the gods!!!" Government of Lies and Deception."

Alo Kelechi: "That is the change."

Prisca Uj :"All happening under Buhari's watch."

Nedum Bright: " Nigeria in a deep mess under this wicked regime."

Meanwhile, Nigerians across the country have continued to groan over the failure Automated Teller Machines in most banks to dispense cash.

And in cases where banks are operating, customers have relayed experiences of being told to keep their withdrawals within a certain range of amount due to lack of cash.

Have you also experienced a cashless festive season due to the alleged insufficient funds in circulation?

Source: Legit.ng