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Osoba – “Tinubu Will Sign Executive Order To Stop Cash Hoarding”

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In December, the Central Bank of Nigeria (CBN) emphasized the continued validity of both new and old naira notes beyond December 31, 2023. Despite this, long queues at ATMs were observed, with several commercial bank branches failing to dispense cash to their customers. This led to a cash scarcity, particularly in states such as Ondo, Edo, Kwara, Delta, Lagos, Plateau, Jigawa, Kaduna, and Osun,

The situation significantly impacted day-to-day activities and businesses, prompting concerns nationwide. Former Ogun State Governor Olusegun Osoba, revealed in an interview with Arise TV that President Bola Tinubu is poised to address the issue with an upcoming executive order.

“During my discussion with President Bola Tinubu on Christmas Day, he disclosed to me that he is preparing a document to encourage Nigerians to bring out hidden funds that are currently out of the banking system and causing cash scarcity,” Osoba said.

The order is said to be ultimately aimed at alleviating the ongoing cash scarcity by discouraging citizens from stockpiling money. Money would, instead, be moved into the vaults of banks to improve its circulation.

Making this disclosure on Tuesday, Osoba emphasized that “even ordinary drivers and vulcanizers hoard dollars in their homes”. Many Nigerians would find this statement ironic, given that the country’s minimum wage is really the minimum, and the average Nigerian has just enough to survive the next day.

On the other hand, the events of February 2019 may come to mind when viral pictures on social media showed two bullion vans being driven into Tinubu’s Bourdillon residence in Lagos on the eve of the presidential election. The pattern is not uncommon among top players of the Nigerian society. In essence, whatever the anticipated executive order is, it would largely be for those who can acquire and hoard cash, not necessarily the average Nigerian as claimed.

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