09/12/2024
DR OKELEKWE CALLS ON CBN AND BANKS TO ADDRESS ONGOING CASH SCARCITY
The Chairman of GLOVIC Group Nigeria limited, Chief Dr. Kodilichukwu Okelekwe (Ubom Nibo) has raised concerns over the persistent cash scarcity in the country, urging the Central Bank of Nigeria (CBN) and commercial banks to take immediate action to alleviate the situation. Speaking during a recent event in his head office, Dr. Okelekwe stressed the critical need for accessible cash as Nigerians prepare for this December festive season.
Dr. Okelekwe lamented the hardship faced by citizens in accessing their own currency, describing the current situation as unsustainable. “We cannot continue to buy our own naira exorbitantly from POS vendors. This is unacceptable and unfair to Nigerians who rely heavily on cash transactions, particularly during this festive period when economic activities are heightened,” he said.
The GLOVIC Group Chairman highlighted the challenges faced by traders, artisans, and small business owners who depend on cash for their daily operations, adding that the cash scarcity is hampering economic activities and causing undue frustration among the populace. He urged the CBN to collaborate with commercial banks to ensure the smooth circulation of naira notes.
“Nigerians deserve better. The festive season is a time of celebration and economic activity, and it is crucial that people have access to their funds without unnecessary stress. The CBN and banks must act decisively to address this issue,” Dr. Okelekwe emphasized.
The call comes as many Nigerians continue to report difficulties in withdrawing cash from banks and ATMs, with some being forced to pay exorbitant fees to access naira notes from POS merchants. This situation, according to Dr. Okelekwe, undermines the credibility of the financial system and the economy at large.
~ (C)Ubom Media