Naira Redesign: Economy Has Lost N20trn Due To Reduction In Economic Activities- CPPE

The Centre for the Promotion of Private Enterprise (CPPE) has disclosed that the Nigerian economy has lost an estimated N20 trillion to the current naira scarcity.

Mada Yusuf, chief executive officer (CEO) of CPPE, spoke on the impact of the naira redesign policy in a statement on Sunday.

Yusuf explained that the protracted acute cash scarcity has not only crippled economic activities in the country, but has also become a major risk to the livelihoods of most Nigerians.

“Millions of citizens have slipped into penury and destitution as a result of the disruptions and tribulations perpetrated by the currency redesign policy, especially the mopping up of over 70 percent of cash in the economy. Nigerians have not been this traumatised in recent history,” the statement reads.

“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 percent of cash in the economy; and the expected relief from the supreme court judgement has not materialised. 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.”