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Nairaland Forum / Nairaland / General / Politics / Naira Scarcity: Nigerians Accuse FG Of Investing In MMM (750 Views)
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Naira Scarcity: Nigerians Accuse FG Of Investing In MMM by Masculity(m): 7:06pm On Dec 30, 2016 |
Some Nigerians have accused the federal government of investing in the popular Ponzi scheme, MMM, following reports of scarcity of small naira denominations in the country. Some Nigerians have suggested that the scarcity of small naira denominations could be as a result of the federal government investing in the popular Ponzi scheme, MMM. The accusations surfaced after sources in the Central Bank of Nigeria (CBN) disclosed to the media that the apex bank failed to print small naira denominations for about a year due to the current economic recession. The sources explained that CBN did not award contract for the printing of the notes such as N5, N10, N20 and N50 usually done abroad due to the high cost of printing the banknotes. “The cost of printing N50 is almost the same as N1,000. Printing small denominations costs more than the value and with the present economic situation, it makes sense to print higher notes which can be done locally by NSPM," a source at the apex bank said. However the CBN has denied the allegation that it had not contracted the printing of smaller denomination currencies since 2015. The CBN acting director, corporate communications, Mr Isaac Okorafor, dismissed reports of scarcity of smaller denomination in the market. https://www.naij.com/1080183-naira-scarcity-nigerians-accuse-fg-investing-mmm.html |
Re: Naira Scarcity: Nigerians Accuse FG Of Investing In MMM by powerfulsettingz: 7:08pm On Dec 30, 2016 |
Very very funny a news |
Re: Naira Scarcity: Nigerians Accuse FG Of Investing In MMM by AntiWailer: 7:08pm On Dec 30, 2016 |
Why are people this daft ? |
Re: Naira Scarcity: Nigerians Accuse FG Of Investing In MMM by Mynd44: 7:11pm On Dec 30, 2016 |
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