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Federal Govt Apologises to Nigerians, Reveals When Naira Scarcity Will End

December 22, 2023 • 2 min read

Federal Government apologises to Nigerians, reveals when Naira scarcity will be over

The federal government on Thursday, December 21, apologised to Nigerians over the current scarcity of Naira notes in circulation, saying that it will ease in the coming year.

The Minister of Information and National Orientation, Mohammed Idris, said the scarcity was not deliberate.

Idris, who briefed the media on the achievement of the Bola Tinubu Administration, also assured Nigerians that there would be more cash in circulation in the New Year.

He said the Central Bank of Nigeria was doing everything possible to address the situation.

The minister said: “About naira scarcity, our government is aware that there is this cry by Nigerians about the scarcity of Naira notes and CBN is already working in that direction. New notes and more will be produced and Nigerians will have more Naira to spend.

“It is not a deliberate policy to stifle Nigerians or to take Naira out of Nigerians during the Godwin Emefiele days. That is not the case. It is a process perhaps that the CBN is undertaking that has created a temporary shortfall and we are hoping that as we go into the New Year, we’ll see a more robust supply of the naira nodes.”