Naira scarcity: Politicians, bank syndicates hijack cash movements

<strong>Naira scarcity: Politicians, bank syndicates hijack cash movements</strong>


By Muyiwa Abiodun

Residents of Benue State are facing untold hardship following shortage of cash in circulation arising from alleged diversion of Naira notes by some bankers to the homes of politicians in the State.

President Muhammadu Buhari on Friday, appealed to Nigerians to give him seven days to resolve the Central Bank of Nigeria (CBN) policy.

Bank officials are being accused of diverting huge amounts of money from the bank coffers to big time political players who in returns paying them in  high percentages .

TheNewspad check revealed that the bankers who turned themselves to syndicate transacts 1million naira for a percentage of N200,00.00 for their customers who were mostly politicians from a ruling party in the state .

Our Correspondent reports that some  banks in Makurdi, the state capital looked deserted as customers decided to stay away due to non availability of money in the banks .

Politicians were said to have taken over the cash movement in the state as several millions of naira have been mopped up from the banks in preparation for the general elections slated for February, 25th .

The Point of Sale (PoS) operators were not left out of the dilemma as most of them were lockout of operations due to non availability of fund .

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It is observed that Makurdi town has  turned to  a ghost town as  business activities have been paralysed by cash squeeze.

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