Loan sharks are digital lending platforms that offer loans at extremely high-interest rates and often use threats to collect debts.
“The apex bank said it had mopped up over N2 trillion of the old currency. They should bring out that money through the banking system.”
Stakeholders across the country are expressing frustration in accessing the new naira notes.
A financial expert preferred that the CBN should have ensured that the scarce denominations, like N100 and N200, are readily available by printing more.
The MPC had raised the MPR by 100 basis points from 13 per cent to 14 per cent in its last meeting in July.
“Then the domestic currency will be more stable, and the foreign exchange demand triggering inflation will begin to dip,” said one of the experts.
Some of the experts urged the apex bank to conduct extensive research on the economy before coming out with its parameters.
“Our debt servicing ratio is high. We are putting almost 70 per cent of our earnings on debt. This is worrisome,” he said.
