Yemi Osinbajo, SAN, the Vice President of Nigeria, has expressed concern about the naira otes scacoty.
He lamented over difficulty experienced by Nigerians in getting the new naira notes.
The VP on Friday in Abuja met with some players in the FinTech space to explore possible ways of mitigating the hardship.
Osinbajo urged the Central Bank of Nigeria (CBN) and banks to deploy more FinTechs and money agents to the hinterlands to address the worrying situation.
The Vice President stated that Nigerians need cash to pay for transport, food, and other 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.”
The nation’s second-in-command observed some FinTechs have mobile money licenses and should be engaged immediately.
He said many of them have micro-finance bank licenses and already have a network of mobile money agents or human banks or human ATMs, as they are sometimes.
“They can supervise by themselves. They can do currency swaps and open bank accounts.”
Also on Friday, President Muhammadu Buhari met with some All Progressives Congress (APC) governors at the Presidential Villa over the nara scarcity.
You may be interested
2023 AFCONQ: Djurtus Back In Bissau, Return To Training For Super EaglesWebby - March 25, 2023
The Djurtus of Guinea-Bissau have returned to Bissau following Friday’s 2023 Africa Cup of Nations qualifying fixture against the Super…
“By Their Noses, You Shall Know Them” – Yul Edochie Mocks His Daughter, Danielle [Video]Webby - March 25, 2023
Nollywood actor, Yul Edochie has taken to social media to share a video of himself driving his eldest daughter, Danielle,…
Imo Labour Party Governorship aspirant found deadWebby - March 25, 2023
A Labour Party aspirant in the upcoming Governorship primaries in Imo State, Chief Humphrey Anumudu has been found dead in…
Leave a Comment