Nasarawa Governor Abdullahi Sule has stated the Central Bank of Nigeria (CBN) is pursuing its cashless policy wrongly.
The Governor spoke during an interactive session with APC stakeholders in Obi local government in continuation of his second term campaign insisting that the policy is causing innocent Nigerians needless pain.
The Governor said: “The reason why people are facing difficulty is that the new naira notes were not printed enough. In Nigeria, we have about N3 trillion in circulation. But the CBN only printed N200bn new naira, which is inadequate, actually, the CNB merely collected money from the hands of Nigerians.
“Some people are complaining because they don’t understand the economic situation of the world. They claim that Nigeria has too much money in circulation.
”This is far from the truth, if you look at what is happening in the US, and how that country transited to a cashless society, you will understand better, but 20 percent of the US wealth is cash in circulation. In India, 15 percent of the country’s wealth is in circulation.
“In Nigeria, the country’s collective wealth is over N50 trillion but out of this, only N3 trillion is in circulation, which is less than 5 percent. The argument that there is too much money in circulation in Nigeria is not true. By the time the cash in circulation reaches about N10 trillion that is when we can push to transit to a cashless society.”
