Naira redesign: FG poorly implementing economic policies – NECA

The Nigeria Employers’ Consultative Association (NECA) has called on the government to save the economy from further bashing owing to what it termed ‘inconsistent and poorly implemented economic policies’.

Speaking in Lagos, the Director-General of the Association, Mr. Adewale-Smatt Oyerinde, said that “one worrisome and distinctive feature of recent economic policies remains the poor implementation of such. While it is commendable to develop policies and programmes, the implementation of the same is as important to the success of said policies and programmes. 

“From the ban of 42 imported items from accessing FOREX, ban of Dairy products, to the closure of land borders and now, the redesign of the Naira, the trail of poor implementation decisions is palpable and worrisome”.

He noted that with the rising inflation and reduction in purchasing power of the citizens, the nation could be witnessing the death of many Small and Medium Scale businesses and also shutting down of many otherwise large businesses.

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Meanwhile, Unified Payment Services Limited, a subsidiary of Hope PSBank, has commenced a community inclusion initiative in furtherance of its commitment to support the Central Bank of Nigeria’s Naira redesign policy.

Managing Director of the bank, Ogechi Altraide, also said the bank has offered to give a 500 Naira cash incentive to customers upon opening the wallet, reiterating also that all transactions can be performed using phone numbers.

“Hope PSBank is giving 500 Naira to everyone that opens the Hope Wallet. The phone number is the wallet, account number, and ATM card. The phone number can be used to transfer money, make payments and withdrawals at PoS, ATM and Web”.

Group Head, Corporate Services Hope PSBank, Cletus Igah, said that the initiative is designed to accommodate all Nigerians by ensuring that they can perform any transaction without any hindrance using their digital wallet.

From Abiodun Alade & Yvonne Ugwuezuoha, Lagos