Nigerians are still waiting for President Muhammadu Buhari to speak on the ruling of the Supreme Court on the use of old Naira. This wait is running along with lingering cash scarcity.
This silence is drawing attention of experts and corporate bodies regarding the cash scarcity in Nigeria
One person making a demand from the president is the Director/CEO Centre for the Promotion of Private Enterprise (CPPE), Muda Yusuf.
He wants President Buhari to urgently address the situation.
Yusuf says it is important that the president and the Governor of the Central Bank of Nigeria (CBN) address the protracted acute cash scarcity that has crippled economic activities.
The Trauma OF Cash Scarcity
The CPPE boss explained that the Nigerian economy had lost an estimated ₦20 trillion since the beginning of the cash crunch.
In a statement made available to journalists on Sunday, tagged “The Trauma of currency redesign policy: Urgent intervention imperative by President Buhari.”
Dr. Muda Yusuf, said; “Evidently, President Buhari did not seem to appreciate the gravity and enormity of the suffering and pain that Nigerians have been experiencing since the onset of the currency redesign policy.
“We again plead with the President to immediately intervene to put an end to the devastating and traumatic outcomes of a repressive, poorly conceptualised and badly implemented currency redesign policy”.
He noted that millions of citizens had slipped into penury and destitution as a result of the disruptions and tribulations perpetrated by the currency redesign policy.
“Nigerians have not been this traumatised in recent history”.
Collapse Of Payment System
According to the CPPE, the economy is gradually grinding to a halt because of the collapse of payment systems across all platforms.
Currently, digital platforms are performing sub-optimally because of congestion.
“Physical cash is unavailable because the CBN has sucked away over 70% of cash in the economy; and the expected relief from the Supreme Court judgement has not materialised.
“The citizens are consequently left in a quandary”.
Dr. Yusuf pointed out that “the banks claimed that the CBN had not officially communicated the Supreme Court judgement to them for any actions.
He says the President has to maintained a worrying muteness on the judgement, forcing the market women and men to wait endlessly to hear him and the CBN governor on the legal-tender-status of old currency notes.
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Dr. Yusuf added: “Curiously, there is an apparent reluctance or unwillingness by the federal government and the CBN to comply with the supreme court judgement.
“This is very disturbing and inexplicable.
The Demands
“Meanwhile, Nigerians continue to groan in the adversity inflicted by the acute cash shortage amid rejection of old currency notes by market operators, refusal by banks to accept the old notes, silence by the presidency on the supreme court judgement; and absence of official pronouncement by the CBN on the issue.
“Retail transactions across sectors have become nerve-wracking and distressing as payment system challenges persist.
“We request the following immediate actions: The CBN should be directed to immediately inform the Nigerian public that the old currency notes (alongside the new notes) remain legal tender until the 31st December 2023, in line with the supreme court judgement.
“The CBN should officially communicate the outcome of the Supreme court judgement to the banks and affirm compliance with the judgement.
“The President should publicly empathise with Nigerians on the unwarranted and inexcusable pain and suffering that the currency redesign policy has wreaked on them”.
