The Nigerian Economy lost an estimated N20 trillion due to the Central Bank of Nigeria’s (CBN) naira redesign cashless policy since its implementation in January this year.
The Centre for the Promotion of Private Enterprise (CPPE) disclosed this in a report released by the Director-General, Muda Yusuf on Monday.
According to CPPE, President Muhammadu Buhari’s unpreparedness to control the negative shock of naira scarcity on the economy, the crippling of trading activities, stifling of the informal economy has led to this loss.
The CBN revealed that the total amount of currency-in-circulation in the country dropped from N3.29tn at the end of October 2022 to N1.38tn at the end of January 2023 — Attributing it to the naira redesign policy by the CBN.
However, the CPPE said the Policy is “very disturbing and inexplicable,” as many Nigerians are on the brink of collapse and many businesses are forced to close down.
The report said, “Physical cash is unavailable because the CBN has sucked away over 70 per cent of cash in the economy.
“The citizens are consequently left in a quandary, and gradually grinding to a halt because of the collapse of payment systems across all Digital platforms performing sub-optimally because of congestion.
“Since the onset of the cash crisis, the Nigerian economy has lost an estimated N20 trillion. These losses arose from the deceleration of economic activities, the crippling of trading activities, the stifling of the informal economy, contraction in the agricultural sector, and the paralysis of the rural economy.”
The CPPE also said that there had been huge job losses in the economy so far and accused Buhari of not appreciating the sufferings of Nigeria.
It claimed that the president did not seem to appreciate the adverse effect and sufferings experienced by Nigerians since the onset of the currency redesign policy.
The report further revealed that the protracted acute cash scarcity has not only crippled economic activities in the country but has posed a major risk to the livelihoods of most Nigerians.
The organisation stated further that millions of citizens have slipped into penury and destitution as a result of the tribulations perpetrated by the currency redesign policy.
“Nigerians have not been this traumatized in recent history,” the CPPE noted.