Destroying banks not solution to cash inadequacy – Ex-ANAN president
Banks on Creek Road, Apapa, Lagos, set ablaze by protesting truck drivers over the alleged killing of their colleague by a policeman, yesterday. Right: A security operative watches over one of the arrested suspects. Photos: Akinwunmi Ibrahim.
Dr Samuel Nzekwe, a former President, Association of National Accountants of Nigeria (ANAN), has advised the protesters across the country against destroying Government and bank properties.
Nzekwe gave the advice in an interview with the Newsmen on Sunday in Ota, Ogun.
The Ex-ANAN president noted that such steps would only have adverse effects on infrastructural development in the country.
He spoke while reacting to recent protests by angry protesters as a result of cash crunch across the country.
Nzekwe said destroying government properties like the apex bank buildings and banks property by violence was not the best solution as 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 said destroying government properties was like taking the nation backward because such properties would be re-built with tax prayers’ money.
Nzekwe appealed to the Central Bank of Nigeria (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 said that a situation where people go to the banks and do not get money would only lead to confusion and worsen 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.
Nzekwe said that the Federal Government and the CBN meant well for the masses but unfortunately, sabotage frustrated the new notes policy.
