An industrialist, Chief Cyril Okoye, has blamed the ongoing naira scarcity being experienced in different parts of the country on the introduction of electronic money transfer by the Central Bank.
Speaking in an interview with the ABS at his country home; Adazi-Ani in Anaocha Local Government Area, Chief Okoye, who is the Managing Director of Grape Tree International, said that the introduction of electronic payment by the Central Bank has saved business men the challenge of carrying bulk money in making purchases, describing it as the easiest and most effective way of engaging in business transactions.
He explained that the only disadvantage of the introduction of e-money transfer is low patronage being experienced by people that engage in petty trading due to scarcity of cash to purchase little commodities from them, and advised Nigerians to see the current scarcity of naira as part of efforts by the Central Bank to transform the economy.
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