Governor Abdullahi Sule of Nasarawa State lamented the hardships Nigerians are enduring as a result of the Central Bank of Nigeria’s cashless policy. Speaking in Obi Local Government during an interactive session with APC stakeholders, part of his second‑term campaign, he described the pain as unnecessary.
Sule explained that the difficulties stem from an insufficient supply of naira notes. “Nigeria has about N3 trillion in circulation, but the CBN has printed only N200 billion in new naira, which is inadequate,” he said. He added that the central bank has essentially been collecting money from Nigerians rather than providing enough cash.
He noted that some critics claim Nigeria has too much money in circulation, but he argued this is a misunderstanding of the global economic situation. “If you look at the United States, which is transitioning to a cashless society, only about 20 percent of its wealth is in cash. In India, the figure is 15 percent,” Sule pointed out.
According to Sule, Nigeria’s total wealth exceeds N50 trillion, yet only N3 trillion—less than five percent—is in circulation. He dismissed the notion that there is an excess of cash in the country, stating that a cash‑in‑circulation level of around N10 trillion would be a more appropriate threshold before pushing for a full transition to a cashless economy.
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