Naira problem unresolved by CBN, according to NECA.

The Central Bank of Nigeria, according to the Nigeria Employers’ Consultative Association, does not comprehend the complexities of the naira crisis and does not seem to have a remedy for the economic issues brought on by the currency redesign strategy.

The Director-General of NECA, Mr. Wale Oyerinde, stated in a statement on Sunday that the circumstance had given speculators and economic saboteurs a field day at the cost of honest companies and the economy.

“So far, it doesn’t appear that the CBN understands the difficulties or has answers to the economic concerns,” said Oyerinde. “This allows speculators and economic saboteurs to have a field day at the cost of genuine companies and the economy.”

According to Oyerinde, the apex bank should have conducted a thorough research and modeling of the possible social and economic issues that would develop for a crucial monetary policy like the naira design and provided a clear response to them.

He continued by stating that the value chain in the official and informal sectors, which saw daily cash transactions of over N10 billion, was on the verge of collapse, which would have negative effects on employment, company viability, and national growth.

The declaration stated, in part, that “In the last few weeks, with the cash crunch and the purchasing power of Nigerians greatly impaired by the shameless implementation of the policy, the economy has witnessed a significant bashing with report stating that the real sector witnessed about 40% drop in productive activities.

Employees lose thousands of productive hours each day waiting in lines while the cash crunch persists, and many can’t even get to work.

However, Oyerinde said that although the CBN’s ambition for a cashless economy was admirable, it shouldn’t be done at the expense of people who were meant to be included.

In order to ensure smooth transactions before switching to digital payment methods, he said, “We recommend that essential and urgent effort should be taken to develop or update alternative channels to cash.

The CBN’s current sequence of operations, such as making agents switch naira, etc., are afterthoughts that were made in response to Nigerians’ actual resistance. After bribing the public to deposit their old naira notes in the banks, it is heartless to deny them access to the new ones.

Miniechat

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