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Central Bank of Nigeria does not understand the naira crisis challenges

todayFebruary 13, 2023 43

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Nigeria Employers’ Consultative Association has revealed that the Central Bank of Nigeria does not understand the naira crisis challenges, pointing out that the apex bank appears not to have a solution to the economic problems caused by the naira redesign policy.

In a statement on Sunday, Director-General of NECA, Wale Oyerinde, stated that the situation had allowed speculators and economic saboteurs to have a field day at the expense of legitimate businesses and the economy.

Oyerinde said for a key monetary policy like the naira design, the apex bank was expected to have carried out a detailed analysis and simulation of likely social and economic challenges that might arise and provide a definitive response to them.

He, however, said that while the CBN’s desire for a cashless economy was commendable, it should not, in the process, exclude those it intended to include.

Written by: EaglesFM

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