Naira Scarcity: Osinbajo Expresses Concern, Tells CBN Banks Should Exploit Money Agents

As Nigerians continue to face scarcity of naira notes, Vice President Yemi Osinbajo has expressed concern over the difficulties encountered in obtaining the new naira notes.

This is because the vice president called on the Central Bank of Nigeria (CBN) and banks to deploy more fintechs and money agents to the hinterlands to address the worrying situation.

Osinbajo noted this on Friday in Abuja during a meeting with some FinTech stakeholders.

The Vice President stated that Nigerians need cash to trade and transact to meet their basic needs.

“In Abuja, how do you take ‘drop or along’ or use a Keke NAPEP without cash, or buy food on the go or in canteens, or even buy recharge cards?

“Parents with children in public schools give money to their children for lunch every day. Most commerce is informal, so you need cash for most things,” he said.

Osinbajo said it was disturbing that after depositing old banknotes, there are no new banknotes: “People everywhere in the urban areas and in the countryside just don’t have money.”