Godwin Emefiele, governor of the Central Bank of Nigeria, has accused certain politicians of hoarding recently redesigned naira notes.
This behaviour, according to Emefiele, is what has caused lengthened queues in banking halls and ATMs currently seen around the nation.
He stated: “The CBN has also noticed that some politicians are buying the new notes and storing them for political purposes”.
Despite this, Emefiele believes that the currency redesign policy has been beneficial, causing inflation to reduce from 18%.
As evidence of this success, he observed that prices have attenuated for certain products such as soya beans (from N30,000 to N22,000), maize (from N18,000 to N16,000), bull (from N400,000 to N330,000) and ram (from N75,000 to N50,000).
Article updated 2 months ago. Content is written and modified by multiple authors.
