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

Very very funny a news

Why are people this daft ?