Address Multiplier Effect Of Naira Scarcity, Groups Charge Federal Govt

The umbrella body of Organised Private Sector of Nigeria (OPS)  Nigeria Employers’ Consultative Association (NECA) and the organised labour in civil service, Association of Senior Civil Servants of Nigeria (ASCSN) have called on federal government to, without delay, address the multiple side effects the Naira scarcity is inflicted on Nigerians.

Noting as the general elections are just few days away from now, both leadership of NECA and ASCSN in seperate fora advised FG to look into how the injuries being inflicted on the lives and businesses are addressed in order to make Nigerians hsve sense of belonging towards their joyful participation in the elections.

In the same vein, NECA stated that, “the value chain in the formal and informal sector with over N10 billion cash transaction daily is almost destroyed with consequences for employment, business sustainability and National development,” he pointed out.

The president, ASCSN, Comrade (Dr) Tommy Okon, while expressing his displeasure on the ill-timeliness of the Naira redesign and the short period with which the old Naira and the redesigned Naira notes was made to circulate has brought damagings to both the econimy and Nigerians in general.

Likewise, he.called on the forthcoming regime to prioritise the redeeming of the confidence of many Nigerians that have been injured with negative government policies and also called on Nigerians to use their PVC against all anti-masses politicians who are have no interest of Nigerian workers in their agendas.

He lamented that the informal sector of the economy and those unbanked people are  the worst hit as they have no other way of transacting business because of the Naira scarcity.

On his own part, the director general, urged government to look beyond the politics of the Naira redesign and focus on the damaging effects on businesses and the economy at large.

Speaking in Lagos, the director-general, Adewale-Smatt Oyerinde stated that, “it is unfortunate that too much attention has been placed on the politics of the Naira redesign with Government and in deed, the Central Bank of Nigeria (CBN) shifting attention away from the damaging effect of the cash squeeze on businesses and the already fragile economy as a whole. 

“No matter how well intentioned, a good policy with poor implementation plan will ultimately fail, eroding the little gains the economy would have made”.