The Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele has described as propaganda the tensions and agitations that have greeted the new naira notes scarcity.
The Governor said the tremendous tension and elevated agitation are mostly staged and sponsored propaganda.
Mr..Emefiele also said the Apex bank will not shiftbthe deadline but will rather address the new note supply shortage.
Emefiele made the disclosure while briefing the diplomatic community at the Ministry of Foreign Affairs in Abuja on Tuesday.
He said: “Some of our leaders are buying the new notes and storing them for whatever purpose and I will not expand further on that.”
Emefiele said the apex bank acknowledges the suffering of Nigerians noting that effective implementation of the policy could scrab 4% of the inflation numbers.
He further explained that the optimal volume of cash in circulation should be around N700billion.
He said:” even if we say N1trillion should be in circulation, we cannot refloat N3.7trillion into circulation” he stated.