Friday, 22nd September 2023

New Naira: Panic withdrawal causes scarcity of fund in Nigeria

10 February 2023   |   7:05 am
A Community leader has attributed the scarcity of money in the country to panic withdrawal engaged by citizens.

Customers queue for new Naira notes

A Community leader has attributed the scarcity of money in the country to panic withdrawal engaged by citizens.

Chief Chris Eluemunoh, a former Chairman of Ohanaeze Ndigbo in Anambra, has called on the people to compliment government’s efforts for good living by stopping panic withdrawal.

Eluemunoh, in an interview with the News Agency of Nigeria (NAN) in Awka on Thursday, said that most withdrawals are kept for future use without putting it into business for immediate circulation in the country.

He said that such hoarding of money has caused scarcity of money and hardship to the public due to poor circulation.

Eluemunoh said that people should listen more to traditional media to be well informed about the government policies and its benefits in place of social media where information is hyped negatively.

He said that most reactions of the people were based on wrong information on social media which in turn has triggered “fears of the unknown” to the people.

“People should be able to trust their government and follow closely its policies to be able to ask quality questions and be able to proffer lasting solutions.

“Nigeria is a country filled with men and women with great capacity and ability to unravel any wrong policies and project way forward.

He said now people live in panic that is simply compounding the situation,” he said.

Eluemunoh advised the public to calm down and not to be distracted in any form, indicating that panic may raise concerns that may mar the general elections.

Eluemunoh called on all Nigerians to be more patriotic than ever, by engaging in only activities that would promote peace, love, growth and development of the country.

He urged people involved in panic withdrawal to stop forthwith and appealed that money withdrawn should be used to transact business so money can circulate in the country.

He said that people should not be enemies of themselves but “should think out of the box and do all that would promote economic and social development of the country”.

Eluemunoh appealed to the government agencies concerned with enlightenment to educate the public on its policies, either old or new.

He said that the central bank officials should quicken the process of creating awareness among the citizens on its programs and policies, saying “this will help make governments policies known to the public for easy adaptation.”