Excess Cash In Economy Causes Inflation – Anambra AG

The Accountant General of Anambra State Dr Chukwudi Okoli says making too much Cash available in the society causes hyperinflation.

Speaking in an interview with the ABS on the ongoing Naira scarcity in the country, Dr Okoli described the introduction of the cashless economy as part of efforts by the government to ascertain the total amount of money in Banks in order to control Inflation.

According Dr Chukwudi Okoli, with the introduction of the electronic money transfer, the federal government wants to encourage everyone to open bank accounts, have ATM cards to reduce carrying bulk money around thereby reducing risks associated with such.