I Feel Sympathy For Nigerians, Scarcity Of New Naira Notes Is Hurting Them – Fashola

The Minister of Housing and Works, Babatunde Fashola has sympathized with Nigerians over the scarcity of the new Naira notes in the country.

KanyiDaily recalls that the Central Bank of Nigeria (CBN) has continuously claimed that it has released sufficient new Naira notes to commercial banks across the country.

However, commercial banks have maintained that they do not have adequate new notes to issue to their customers, hence, many banks across the country have completely stopped issuing money to their customers with a few of them issuing a maximum of N10,000 or N5,000.

It was observed that while most banking halls were empty due to the paucity of funds in bank vaults, large crowds had formed outside some of the few banks that were rumored to be preparing to load their Automated Teller Machines (ATMs).

Fashola, who spoke during an interview with media personality, Morayo Afolabi-Brown, called on the CBN to review its policy because the scarcity of the new Naira notes is hurting Nigerians.

He said, “I feel sympathy for the Nigerian people and what they have had to go through. Sometimes policies play out like this in the process of implementation, sometimes it all ends well and sometimes it calls for reconsideration and review.

“In spite of the fact the CBN has acted within the spirit and letters of its independence by law, it is important to remember that we serve the public and the public says it is hurting, it is important to take a step back and ask where it is hurting and how we can make it better. It must not be a matter of ego.”

Fashola also claimed that the presidential candidate of the All Progressives Congress (APC), Bola Tinubu was fighting for Nigerians when he expressed concern about the scarcity of the new notes.

He said, “All the credit must go to our candidate being one of the first strong voices, first voice out of the candidates to speak out in Abeokuta.

“Though some were quick to say he was fighting Buhari or he was fighting his own party but it is his nature as a fighter for people. Our candidate hasn’t said don’t change the naira but it is hurting people. So the implementation needs a relook.”

KanyiDaily recalls that Bola Tinubu had accused President Muhammadu Buhari of creating unnecessary hardships with naira re-design and fuel crisis to sabotage his victory at the 2023 presidential election.