• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Friday, May 9, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

NECA proffers way forward on the new Naira notes’ crisis

Naira

The Matters Press by The Matters Press
February 13, 2023
Reading Time: 2 mins read
0
Experts validate Nigeria’s implementation strategies for success under AfCFTA

The Nigeria Employers’ Consultative Association (NECA) has urged the Federal Government to look beyond the politics of the naira redesign and focus on the damaging effects on businesses and the economy at large.

RELATED POSTS

With NELFUND’s Disbursement of N53b, Nigerian students have cause to celebrate – TMV

Profit surge among Nigeria’s loss-making companies indication of economic recovery – IMPI

Nigeria will do better than IMF’s 3% growth forecast for 2025, Think Tank predicts

Its Director-General, Mr Adewale-Smatt Oyerinde, made the call in a statement on Sunday in Lagos.

‘’In the last few weeks, with the cash squeeze and the purchasing ability of Nigerians greatly impaired by the poor implementation of the policy, the economy has witnessed a significant bashing.

‘’This is so, with report stating that the Real sector witnessed about 40 per cent drop in productive activities.

‘’As the cash crush continues, thousands of productive hours are lost daily on queues by employees and many cannot even get to work.

‘’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 said.

The director-general called for critical and immediate effort to be made to improve or upgrade alternative routes to cash, thereby ensuring seamless transactions before going digital.

According to him, the series of actions being taken by the CBN now in the form of having Agent Naira Swap, among others, are afterthoughts, after the reality of resistance by Nigerians.

‘’It is callous to deprive citizens of the new naira notes after cajoling them to deposit the old ones in the banks.

‘’We urge the CBN to sanction the commercial banks that have been found to be complicit in the whole show of shame, even as the CBN cannot extricate itself from being complicit.

‘’As an immediate action, we align with the position of the Council of State that the CBN should release more new naira notes into the economy or allow the use of the old ones, pending a time when it will demonstrate competence by not always putting the cart before the horse in the implementation of monetary policies, ” Oyerinde said.

The NECA boss said that the CBN Naira redesign policy with the objectives as stated by the apex bank was laudable.

He said, however, that like many of the bank’s policy initiatives, this was also flawed by improper and shortsightedness in implementation.

‘’For a definitive monetary policy as the naira design, it is expected that the CBN will not only take lessons from other countries like India, Myanmar, Australia, Venezuela, Zimbabwe and the European Union, which witnessed various degrees of successes and failures when they implanted their currency redesign.

‘’However, CBN will also do a thorough analysis and simulation of likely social and economic challenges that might arise and definitive response to those challenges.

‘’Thus far, it does not seem that the CBN understands the challenges, nor have 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, ” Oyerinde said.

Tags: Naira
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Nigerians kick against re-opening of schools as COVID-19 bites harder
Economy/Technology

With NELFUND’s Disbursement of N53b, Nigerian students have cause to celebrate – TMV

May 9, 2025
Nissan recalls 1,150,000 vehicles in 3 months
Economy/Technology

Profit surge among Nigeria’s loss-making companies indication of economic recovery – IMPI

May 8, 2025
Economists Challenge IMF on call for further VAT increase in Nigeria
Economy/Technology

Nigeria will do better than IMF’s 3% growth forecast for 2025, Think Tank predicts

May 6, 2025
Egypt’s economic strides excite AfDB
Economy/Technology

AfDB President, Adesina wrong on Nigeria’s GDP at Independence – IMPI

May 5, 2025
Nigerians kick against re-opening of schools as COVID-19 bites harder
Economy/Technology

Nigeria’s scrapping of foreign education Scholarship will curb waste

May 3, 2025
Nigeria marks Workers’ Day as labour, government seek support for workers’ welfare
Economy/Technology

TMSG hails FG for keeping faith with wage award deal with Labour, urges states to follow suit

April 30, 2025
Next Post
Sanwo-Olu declares traffic management priority in Lagos

Sanwo-Olu pledges relief for Lekki residents, businesses

Food shortage: Nigeria bans foreigners from direct purchase of produce from farmers

Our food are perishing, FCT traders cry out

Recommended Stories

World Bank predicts 4% global economic growth, 1.1% for Nigeria in 2021

10th World Bank-FGN Support Mission for APPEALS Project begins

July 5, 2023
Kenya small savers dump banks for mobile wallets

Kenya small savers dump banks for mobile wallets

September 10, 2023
Corruption caused Nigeria’s poor resource management

Why Nigeria’s human capital development drive must be sustained—Osinbajo

April 5, 2023

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • With NELFUND’s Disbursement of N53b, Nigerian students have cause to celebrate – TMV
  • Profit surge among Nigeria’s loss-making companies indication of economic recovery – IMPI
  • Nigeria will do better than IMF’s 3% growth forecast for 2025, Think Tank predicts

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us