The Governor of Nasarawa State, Abdullahi Sule, has lamented over the sufferings Nigerians, especially the state's residents who have been subjected to hardship following the Central Bank of Nigeria’s cashless policy.
Sule stated this in Obi Local Government on Tuesday in the state during an interactive session with APC stakeholders in continuation of his second term campaign, describing the pains as needless.
He said that the reasons Nigerians are facing difficulties was because I sufficient naira notes were printed.
“In Nigeria, we have about N3 trillion in circulation.
"But the CBN only printed N200 billion new naira, which is inadequate.
"Actually, the CBN 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 per cent of the US wealth is cash in circulation.
"In India, 15 per cent of the country’s wealth is in circulation.”
Continuing, he said, “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 five per cent.
"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.”
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