Bank vandalism not solution to naira scarcity – Ex-ANAN president

Alade Abayomi ADeleke
Alade Abayomi ADeleke
Ex-ANAN president, Dr. Samuel Nzekwe

Wilson Adekumola



The Former President, Association of National Accountants of Nigeria, Dr Samuel Nzekwe has admonished the protesters across the country against destroying Government and bank properties, saying bank vandalism is not a solution to naira scarcity.



Nzekwe gave this admonition while speaking with journalists on Sunday in Ota, Ogun State while reacting to the recent protests across the country as result of cash crunch.



The ex-ANAN president stated that such steps would only have a negative effects on infrastructural development in the country.



Nzekwe stressed that destroying government properties like the apex bank buildings and banks facility by violence would address the current challenges brought by cash swap policy saying this act sometime leads to unnecessary loss of lives.



“Protesting and destroying government properties would not bring solution but people needs to be calm and exercise patience for federal government to address the inadequacy of funds in the circulation,” he said.



He noted that destroying government properties was like taking the nation backward because such properties would be re-built with tax prayers’ money.



While appealing to the Central Bank of Nigeria to put more money in circulation, he said urged the CBN to make concerted efforts to inject more of small denominations like N200, N100 and N50 into circulation in order for masses to attend to their immediate needs.



He pointed out that a situation where people go to the banks and do not get money would only bring confusion and aggravate the crises in the country.



“We are urging the apex bank to devote time in printing the old N200 and others new notes into circulation to ameliorate hardship of the common man,” he said.



Noting that the monetary policy is to salvage the economy, Nzekwe said the Federal Government and the CBN meant well for the masses but unfortunately, sabotage frustrated the new notes policy.

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