The “shameless implementation” of the Naira redesign by the CBN benefits traders and economic saboteurs- NECA
The Central Bank of Nigeria’s (CBN) Naira redesign policy, according to the Nigeria Employers’ Consultative Association (NECA), has benefited currency speculators and economic saboteurs.
The central bank, according to NECA, was ill-prepared to handle the mess caused by the attempt to replace the old N200, N500, and N1,000 notes with new ones.
In a statement obtained on Monday but dated February 12, 2023, the organisation claimed that genuine firms and the economy are suffering as a result of the CBN’s Naira policy’s knock-on effects.
The Director-General of NECA, Wale Oyerinde, said that “so far, it does not seem that the CBN understands the concerns, nor has solutions to the economic issues, hence allowing speculators and economic saboteurs to have a field day at the expense of legal businesses and the economy.”
Oyerinde claimed that thorough examination by the CBN would have prevented the social and economic problems being brought on by the Naira policy.
He said that both the formal and informal sectors record daily cash transactions totaling more than N10 billion and that the “shameless implementation of the policy” has endangered economic viability and societal advancement.
He said that because workers can’t get funds to travel to work, there has been a 40% decrease in productive activity in the real estate business.
“The economy has taken a big hit in recent weeks due to the cash crunch and the severely reduced purchasing power of Nigerians caused by the policy’s shambolic implementation, with reports suggesting that the real sector saw a 40% decrease in productive activities.
Oyerinde stated, “As the cash crunch persists, employees lose thousands of productive hours per day waiting in lines, and many can’t even get to work.”
In order to ensure smooth transactions before switching to digital, he continued, “We advise that vital and immediate effort should be undertaken to develop or update alternate channels to cash.
“The CBN’s current series of moves, such as making agents swap naira, etc., are afterthoughts that follow the reality of Nigerians’ 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.”