Protracted acute cash scarcity has crippled economic activities in the country-CPPE helmsman

By Dr Muda Yusuf

The leadership of Centre for the Promotion of Private Enterprise [CPPE] has expressed his shock at the way and manner Nigerians are being subjected to untold hardship by Naira redesign.

The Director & Chief Executive Officer [CEO] of the non-governmental organisation, Centre for the Promotion of Private Enterprise [CPPE], Dr Muda Yusuf, who made this known, while speaking on the trauma of currency redesign policy, noted that there is need for urgent intervention by President Muhammadu Buhari.

While he lamented that the protracted acute cash scarcity has not only crippled economic activities in the country, it is also now a major risk to the livelihoods of most Nigerians.

Moreover, the CPPE boss lamented that “Millions of citizens have not only slipped into penury and destitution as a result of the disruptions and tribulations perpetrated by the currency redesign policy, but also, the mopping up of over 70% of cash in the economy have thrown most Nigerians into worst traumatized condition witnessed in recent history.

According to him, the economy is gradually grinding to a halt because of the collapse of payment systems across all platforms. Digital platforms are performing sub-optimally because of congestion; physical cash is unavailable because the CBN has sucked away over 70% of cash in the economy; and the expected relief from the Supreme Court judgement has not materialized. The citizens are consequently left in a quandary.

The banks claimed that the CBN has not officially communicated the supreme court judgement to them for any actions; the President has maintained a worrying muteness on the judgement; the market women and men are waiting to hear from the President Buhari or the CBN governor on the legal tender status of old currency notes.

Furthermore he noted that “Curiously, there is an apparent reluctance or unwillingness by the Federal Government and the CBN to comply with the Supreme Court judgement. This is very disturbing and inexplicable.”

Likewise, he noted that “Meanwhile, Nigerians continue to groan in the adversity inflicted by the acute cash shortage amid rejection of old currency notes by market operators, refusal by banks to accept the old notes, silence by the presidency on the supreme court judgement; and absence of official pronouncement by the CBN on the issue.

“Retail transactions across sectors have become nerve-wracking and distressing as payment system challenges persist. Since the onset of the cash crisis, the Nigerian economy has lost an estimated N20 trillion.”

These losses arose from the deceleration of economic activities, the crippling of trading activities, the stifling of the informal economy, contraction in the agricultural sector and the paralysis of the rural economy. There are also corresponding job losses in hundreds of thousands.

“Evidently, President Buhari did not seem to appreciate the gravity and enormity of the suffering and pain that Nigerians have been experiencing since the onset of the currency redesign policy. We again plead with the President to immediately intervene to put an end to the devastating and traumatic outcomes of a repressive, poorly conceptualized and badly implemented currency redesign policy. We request the following immediate actions.

“The CBN should be directed to immediately inform the Nigerian public that the old currency notes [alongside the new notes] remain legal tender until the 31st December 2023, in line with the Supreme Court judgement.

“The CBN should be directed to officially communicate the outcome of the Supreme Court judgement to the banks and affirm compliance with the judgement.”

Similarly Yusuf said “The president should publicly empathize with Nigerians on the unwarranted and inexcusable pain and suffering that the currency redesign policy has wreaked on them.”

Written by Dr Muda Yusuf, Director & CEO Centre for the Promotion of Private Enterprise [CPPE]

For ADVERT Placement;
for EVENT Coverage;
Have story to PUBLISH;
HAVE Breaking story with pictorial evidence
OR wants to assist allcitynews.ng
by DONATIONS,
kindly contact us via ojezand@yahoo.com. Thank you.

Disclaimer:

Comments expressed here do not in anyway reflect the opinions of allcitynews.ng or any employee thereof. It assumes no responsibility or liability for any errors or omissions in the comments.

Allcitynews.ng’s goal: To be the most influential, informative and reliable issues-based online newspaper in working for the unity, peace and development of the Country.