Nigeria economy ‘loses N20 trillion’ as 70% of cash is sucked out of economy – CPPE

Emefiere visits Buhari in his hometown of Daula.

The Center for Private Enterprise Promotion (CPPE) said the Nigerian economy lost N20 trillion as 70% of the cash was sucked out of the economy.

The center also said the severe and prolonged cash shortages experienced in the country have not only paralyzed economic activity in the country, but now pose a major risk to the livelihoods of most Nigerians.

Yusuf observed that cross-sector retail transactions have become nervous and painful as payment system challenges continue. He said the Nigerian economy has lost an estimated N20 trillion since the onset of the cash crisis.

These losses resulted from slowing economic activity, dysfunctional trade activity, suppression of the informal economy, contraction of the agricultural sector, and paralysis of the rural economy. Correspondingly, hundreds of thousands of jobs have been lost.

CPPE said millions of citizens were plunged into destitution and poverty as a result of the turmoil and hardship caused by currency redesign policies, especially wiping out more than 70% of the economy’s cash. . The Nigerian said he had never been so traumatized in recent history.

In a press release by the center’s chief executive Dr. Muda Youssouf, the center said the economy was gradually coming to a halt due to the collapse of payment systems on all platforms.

• “Digital platforms are performing suboptimally because of congestion. The relief provided has not materialized, and as a result, citizens are in dire straits,” he said.

He said the commercial banks allege that CBN has not officially informed them of the Supreme Court’s ruling on any actions. The president has maintained an alarming silence on the verdict. Women and men in the market are waiting to hear from President Buhari or his CBN governor about the legal tender status of the old banknote.

• “Strangely, the federal government and CBN are clearly reluctant or unwilling to comply with the Supreme Court ruling.

Meanwhile, Nigerians continue to groan over the adversity caused by severe cash shortages, with market operators rejecting old banknotes, banks refusing to accept old banknotes, and the president’s silence on the Supreme Court’s ruling. I’m here. Lack of official statement by CBN on this issue.

• “Clearly, President Buhari seemed unaware of the gravity and enormity of the suffering and pain Nigerians have been experiencing since the beginning of the monetary redesign policy. We again urge you to intervene immediately to put an end to the devastating and traumatic consequences of poorly implemented and poorly implemented monetary redesign policies.
• “CBN should be instructed to immediately inform the Nigerian public that the old currency is banknotes. [alongside the new notes] It will remain legal tender until December 31, 2023, as per the Supreme Court ruling. ”
• “CBN should be instructed to formally communicate the outcome of the Supreme Court ruling to banks and ensure compliance with the ruling.”
• “The president needs to publicly sympathize with Nigerians for the unjust and inexcusable pain and suffering that the currency redesign policy has caused them.”