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'Scarcity of small money na problem for Nigeria' - Analyst

People dey use torchlight for Nigeria take find small small naira notes wey get life, and no dey dirty.

The problem serious sotey for inside every 10 pieces of 100 Naira notes wey you collect when you buy something this days for Nigeria, na only one fit dey okay and that na even if you dey lucky sef.

But other small notes like N5, N10, N20, N50, and N200 also dey affected.

This problem make Senators draw ear give their committee ontop banking, insurance and other financial institutions to chook eye inside the mata.

Sabi person Atiku Samuel tell BBC tori person Helen Oyibo say the reason wey make the lawmakers dey take the mata serious na say small small money get serious role to play ontop the country economy.

"Wetin dey make economy dey work na when a, b and everybody dey spend and business dey boom; e go dey create job, and for Nigeria wey just come out from recession, e no really good say 100 Naira no dey economy."

"We need to understand, say if we look closely at wetin people dey buy, wey dey chop money transport, food, recharge cards dey top, small small things," na so im talk.

Senate President

'Dem dey try to save cost'

Ontop di reason why the money fit scarce, Mr Samuel say government no dey like print small-small money, because na the same amount dem dey use take produce all the notes.

"Na the same money dem dey use print N1,000 and all the other small small notes. Infact, N50 fit cost pass, because of the material dem dey use make am. Dem dey try save cost, but this wan fit come back bite dem for back."

Lawmakers also tell the Central Bank of Nigeria wey dey in charge of printing money for the country say make dem introduce coins as another choice for people to use, since e no dey dirty or tear like the Nairan notes.

But Oga Samuel say dis one still no be the solution, as the problem wey remain na the inflation rate wey too dey high, at 15 % every year.

Im say: for example, N100 for last year don devalue; you need about 150 to buy wetin N100 naira dey buy last year, and this one affect food well-well."

"Nigeria government need to work on inflation rate before dem start to dey talk about introduction of coins," na how im end the tori.

Posted: News

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