Lagos Begins Distribution of Palliatives to Residents amidst Naira Scarcity
Amidst multiple pressures facing residents, Lagos States Gov. Babajide Sanwo-Olu on Tuesday commenced the distribution of palliative to the vulnerable residents. The scarcity of new naira notes that forced some local banks to shut their doors has raised clouds of dust on economic activities.
Pressure is rising as families and companies contend with limited cash in circulation while local banks and regulatory trades blame.
Speaking at the event, Sanwo-Olu said the launch held at Alausa Secretariat, Lagos, was necessitated to cushion the effects of the hardship experienced by residents. The gesture was extended to vulnerable, civil servants, among others benefitted from the exercise.
The governor, represented by his deputy, Dr Obafemi Hamzat, said the measure was necessary to alleviate the hunger caused by the outcome of currency redesign by the Central Bank of Nigeria and other crises associated with fuel scarcity.
According to him, the distribution is continuous as the government will be reaching out to the religious centres, Non-Governmental Organizations and other distribution channels across the state.
“The measures became necessary to improve the situation among the vulnerable residents of the state.
“What is inside the boxes are different items for the consumption of the vulnerable society.
Earlier, the Commissioner for Women Affairs and Poverty Alleviation (WAPA), Mrs Cecelia Dada, explained that the state government was mindful of the welfare of its people and the challenges faced by citizens due to the naira swap and difficulty in accessing money.
Nigeria is currently battling with the Central Bank of Nigeria’s new naira note scarcity at the same time when the price of fuel has been increased by marketers despite unchanged wage rates. # Lagos Begins Distribution of Palliatives to Residents amidst Naira Scarcity
Naira Depreciates to N462 at Investors, Exporters FX Window
