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Dirty Currency: Soludo Blames Nigerians
By Fabian Madu, 12.04.2004
Nigerians have been blamed for the scarcity of new naira notes in the economy going by the rough way the currency is being handled by Nigerians. Governor of Central Bank of Nigeria (CBN), Professor Charles Soludo, noted this during the University of Nigeria Alumni Association Lagos State chapter. Soludo said the dirty currency has been a lingering problem but have been incorporated as part of CBN policy report to ensure cleaner note in circulation. He added that to effectively get ride of these dirty notes, CBN needed to make Nigeria Minting and Security company functional. To him: "Part of scarcity of new naira notes has to do with the way Nigerians handle it. They handle it very roughly, squeezed it, tear and patch it, spray it and march on it. That is the part of the problem." He said the Nigeria economy needs N4 billion every year but presently CBN can not supply more than N2 billion of what is needed yearly. His words: "Currently, we need N4 billion new note every year. That is what we need, but we are not supplying up to N2 billion. We are supplying far less than what we need as a country. And that already tells you that there is scarcity of new notes." The governor added that Nigeria’s economy is an economy where the informal sector is dominant, making people to carry cash around, stressing that it is a major problem accounting for dirty currency in the economy. "This is an economy where the informal sector is dominant and people carry cash around. It is a major problem." Soludo however assured Nigerians that in the next 3 years, the apex bank would be able to produce up to N3 billion new notes a year and in the next 4 to 5 years, it shall be able to produce all that is needed.
"We need about N4 billions. Now, we are not producing up to what we need but within the next 3 years we are going to produce at least N3 billion new notes and over the next 4 years we should be able to produce all that we need." Soludo said. Asked what move is CBN making to address the alleged selling of new notes by some officials of the bank, Soludo said whenever such problems is noticed it will be addressed but stressed that the fundamental solution to such problem is to get to the heart of the problem by producing more new naira notes. He said it is not necessary to get policing everywhere without tackling the problem from the heart more fundamentally. "I think whenever we noticed such a problem of selling new notes, we address it but in any case, the more fundamental solution is to get to the heart of the problem which is to produce more new notes. "It is not necessary to get policing everywhere. We want to tackle the problem at the heart more fundamentally. He said. Meanwhile, the president of the association, Mr Nze Ananyi said the event is solely organisation towards bringing together the Alumni members of the University, to as well raise money to support the Almata in the university of Nigeria and to bring the problem of the university to public eye so the public can assist. He said to put the university in shape goes beyond what the Federal Government alone can fund. Adding it requires the support of a credible assignment such as Lagos which has been a flagship of University Alumni movement. The president added that the event is also an opportunity to reward those who have kept the dignity of Almata and to give award to those who have done in the fields of endeavour. He gave the number of the awardees to be 10 say" the university of Nigeria has produce and will continue producing to the development of the economy." Speaking on the theme the event tagged "the ill-learning project, Ejiogu said the project is conceived to enhance technological advancement or the empowerment of the students by computerising the hostels and empowering the students not only by providing computers but providing the critical skills, stressing it will enable a graduate be gainfully employed. The project has said amount N500m but added the Lagos aimed to contribute N25 million as part of its effort to support the project.
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