Ex-Ohanaeze chief urges Tinubu to handle money shortage

An Igbo chief and former President of Ohanaeze Ndigbo in Spain, Chief John Nduwuisi, has appealed to President Bola Tinubu to direct the Central Bank of Nigeria to deal with the lingering money shortage affecting Nigerians.

In an announcement issued on Thursday in Abuja, Nduwuisi expressed concern over the difficulties Nigerians face in accessing their funds by means of banks and Automated Teller Machines, notably because the festive season approaches.

He described the state of affairs as mentally worrying and economically damaging for residents.

Nduwuisi highlighted that whereas financial institution prospects wrestle, Level of Sale operators exploit the state of affairs by charging exorbitant charges for money withdrawals.

He questioned how POS operators may entry giant sums of money, together with mint notes, whereas banks declare shortage.

“There may be actually a connivance or a cartel within the CBN working in cohort with business banks to deprive financial institution prospects of their cash to the benefit of POS operators. In any other case, how are they in a position to get money to promote?” he requested.

The previous Ohanaeze chief counseled President Tinubu’s efforts to revitalise the economic system and alleviate the hardships of extraordinary Nigerians however criticized components inside the system for undermining these efforts.

He referred to as on the CBN Governor, Olayemi Cardoso, to accentuate reforms within the banking sector and dismantle any collusion between the apex financial institution and business establishments.

“Why ought to Nigerians be compelled to purchase their foreign money at outrageous charges? This follow just isn’t solely exploitative but in addition unacceptable,” Nduwuisi added.

He urged authorities officers in any respect ranges to emulate President Tinubu’s dedication to delivering the dividends of democracy, leveraging obtainable sources to enhance residents’ lives.

Nduwuisi’s comment echoed rising frustrations amongst Nigerians who’ve been grappling with restricted money availability because the cashless coverage and foreign money redesign initiatives disrupted the monetary system earlier this 12 months.

“Many at the moment are calling for fast authorities intervention to revive normalcy and guarantee equitable entry to money,” he added.