Naira scarcity: Business sustainability, national development under threat, NECA warns

The Nigeria Employers’ Consultative Association (NECA) has urged the 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 no matter how well-intentioned, a good policy with a poor implementation plan will ultimately fail, eroding the little gains the economy would have made.

He said:  “In the last few weeks, with the cash squeeze and the purchasing ability of Nigerians greatly impaired by the shameless implementation of the Policy, the economy has witnessed a significant bashing with reports stating that the Real sector witnessed about 40% drop in productive activities. As the cash crush continues, thousands of productive hours are lost daily in queues by employees and many cannot even get to work. The value chain in the formal and informal sector with over N10billion cash transactions daily is almost destroyed with consequences for employment, business sustainability and National development,” he said.

Oyerinde hinted that it does not seem that the Central Bank of Nigeria understands the challenges, nor has solutions to the economic issues, thereby allowing speculators and economic saboteurs to have a field day at the expense of legitimate businesses and the economy.