Naira scarcity: Osinbajo expresses concern, tells CBN, banks to exploit money agents

As Nigerians continue to face scarcity of naira notes, Vice President Yemi Osinbajo, has expressed concern over difficulty experienced in gaining the new naira notes.

This is as the Vice President appealed to 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 while meeting with some stakeholders in the FinTech.

The Vice President stated that Nigerians need cash to trading and perform transactions to get basic needs.

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

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

Osinbajo said it was disturbing that after depositing old notes, there are no new notes: “People everywhere in the urban areas and rural areas simply have no money.”