Nigerian economist and former Deputy Governor of the Central Bank of Nigeria, Kingsley Moghalu, has reacted to the current shortage of the newly redesigned Naira notes in the country, lamenting that Naira is now a black market commodity.

Former presidential candidate of the African Democratic Party, ADC, disclosed this on Friday via his official Twitter, expressing that the market will always respond to scarcity with smuggling or other forms of corruption.

Moghalu wrote, “Naira is now a black market commodity! Scarcity and the laws of economics. The market will always respond to scarcity with smuggling, arbitrage, or other forms of corruption. As with forex, so it is with the Naira. May this cup pass over us quickly.”

Recall that since the announcement of a ten-day extension for the phasing out of the current 200, 500, and 1000 naira notes after the previous January 31 deadline, Nigerians have been faced with the issue of scarcity of Naira notes.

President Muhammadu Buhari on Friday at the State House in Abuja disclosed that he would be announcing a significant decision in seven days to resolve the cash shortage in the country.