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Nigerian Economy “Loses N20 Trillion” As 70% Of Cash Sucked Away From Economy - Business - Nairaland

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Nigerian Economy “Loses N20 Trillion” As 70% Of Cash Sucked Away From Economy by naptu2: 7:51am On Mar 13, 2023
Nigerian economy “loses N20 trillion” as 70% of cash sucked away from economy – CPPE

By Nairametrics
1 hour ago


The Center for the Promotion of Private Enterprise (CPPE) has said the Nigerian economy has lost N20 trillion as 70% of cash has been sucked away from the economy.

The Center also said that the protracted, acute cash scarcity being experienced in the country has not only crippled economic activities in the country but is now a major risk to the livelihoods of most Nigerians.

Yusuf observed that retail transactions across sectors have become nerve-wracking and distressing as payment system challenges persist. He said 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, the contraction in the agricultural sector, and the paralysis of the rural economy. There are also corresponding job losses in hundreds of thousands.

The CPPE said millions of citizens have slipped into penury and destitution as a result of the disruptions and tribulations perpetrated by the currency redesign policy, especially the mopping up of over 70% of cash in the economy. It said Nigerians have not been this traumatized in recent history.

In a press release by its chief executive, Dr. Muda Yusuf, the Center said the economy is gradually grinding to a halt because of the collapse of payment systems across all platforms.

•“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 judgment has not materialized. The citizens are consequently left in a quandary,” he said.

He stated that the commercial banks claim that the CBN has not officially communicated the Supreme Court’s judgment to them for any actions; the President has maintained a worrying muteness on the judgment; the market women and men are waiting to hear from President Buhari or the CBN governor on the legal tender status of old currency notes.

•“Curiously, there is an apparent reluctance or unwillingness by the federal government and the CBN to comply with the Supreme Court’s judgement. This is very disturbing and inexplicable,” he noted.

Meanwhile, Nigerians continue to groan in the adversity inflicted by the acute cash shortage amid the rejection of old currency notes by market operators, refusal by banks to accept the old notes, silence by the presidency on the supreme court judgment; and absence of official pronouncement by the CBN on the issue.

•“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 conceptualized, and badly implemented currency redesign policy. 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 of December 2023, in line with the Supreme Court judgment.”

•“The CBN should be directed to officially communicate the outcome of the Supreme Court’s judgment to the banks and affirm compliance with the judgment.”

•“The president should publicly empathize with Nigerians on the unwarranted and inexcusable pain and suffering that the currency redesign policy has wreaked on them.”


https://nairametrics.com/2023/03/13/nigerian-economy-loses-n20-trillion-as-70-of-cash-sucked-away-from-economy-cppe/

8 Likes

Re: Nigerian Economy “Loses N20 Trillion” As 70% Of Cash Sucked Away From Economy by Moh247: 7:53am On Mar 13, 2023
cool



Buhari knows nothing about Economy, Emeifailure is a trained banker and not an economist

Two of them shows why you should only allow trained professionals do their jobs

Monetary policy CBN Governor headed by a Banking and Finance graduate Nssuka UNN

Chairman Economic Council headed by Vice President Professor of Constitutional Law

Fiscal policy Zainab Ahmed, Minister of Finance and Budget planing, Accounting graduate ABU Zaria






.

91 Likes 10 Shares

Re: Nigerian Economy “Loses N20 Trillion” As 70% Of Cash Sucked Away From Economy by Massiveglory: 7:57am On Mar 13, 2023
Watch the economy naturally rejuvenate when the authentic winner of the 2023 presidential election is declared and sworn in.

We are getting there.
The new Nigeria is POssible.
The new Nigeria is unstoppable.

101 Likes 5 Shares

Re: Nigerian Economy “Loses N20 Trillion” As 70% Of Cash Sucked Away From Economy by Quest7777: 7:57am On Mar 13, 2023
Hold Buhari, the President & Commander in Chief, responsible.

Whatever good intentions Buhari & CBN had for the policy, have been rubbished by poor implementation.

Nowhere in the world are citizens & businesses starved of cash. Many SMEs have crumbled & Nigerians subjected to severe hardship.

We can definitely not continue like this. It's either enough new notes are issued, or CBN complies with SC ruling to revert to the old notes. smiley

38 Likes 3 Shares

Re: Nigerian Economy “Loses N20 Trillion” As 70% Of Cash Sucked Away From Economy by Houseofglam7(f): 8:02am On Mar 13, 2023
😫😫😫😫
Re: Nigerian Economy “Loses N20 Trillion” As 70% Of Cash Sucked Away From Economy by Johnson225(m): 8:02am On Mar 13, 2023
smiley
Re: Nigerian Economy “Loses N20 Trillion” As 70% Of Cash Sucked Away From Economy by CSTRR: 8:03am On Mar 13, 2023
This is the result of some people's decision in 2015 and 2019

The consequences are felt by all, irrespective of tribe or religion.

Continue o.

68 Likes 6 Shares

Re: Nigerian Economy “Loses N20 Trillion” As 70% Of Cash Sucked Away From Economy by FarahAideed: 8:03am On Mar 13, 2023
In 2015 Nigerians gathered and elected a lunatic as their president

69 Likes 7 Shares

Re: Nigerian Economy “Loses N20 Trillion” As 70% Of Cash Sucked Away From Economy by Queenext: 8:03am On Mar 13, 2023
Anybody supporting this sadistic policy, is either mad or dementia,or simply both .

This is the most devilish policy I have ever seen, and the lifeless head just showing unconcerned attitude.

Whoever conceived this policy isn't human at all

48 Likes 5 Shares

Re: Nigerian Economy “Loses N20 Trillion” As 70% Of Cash Sucked Away From Economy by TheNiceGuy(m): 8:03am On Mar 13, 2023
Upon all these, PMB won't still listen angry

50% SME has practically closed down because of this ill-planned policy. angry

44 Likes 3 Shares

Re: Nigerian Economy “Loses N20 Trillion” As 70% Of Cash Sucked Away From Economy by dangoteinlaw: 8:03am On Mar 13, 2023
The citizens suffering are only doing themselves. What does it cost to open a palmpay account, even some have accounts but adamantly refuse to accept transfers because a fool will buy money to in turn buy goods from them. There’s absolutely nothing wrong with this policy except the illiterates suffering from it implementation.

5 Likes 3 Shares

Re: Nigerian Economy “Loses N20 Trillion” As 70% Of Cash Sucked Away From Economy by Oyindamolah: 8:03am On Mar 13, 2023
grin
Re: Nigerian Economy “Loses N20 Trillion” As 70% Of Cash Sucked Away From Economy by Djele: 8:03am On Mar 13, 2023
Let the revolution start, the suffering is unbearable

16 Likes 1 Share

Re: Nigerian Economy “Loses N20 Trillion” As 70% Of Cash Sucked Away From Economy by Franking: 8:04am On Mar 13, 2023
Sai Baba.

1 Like 1 Share

Re: Nigerian Economy “Loses N20 Trillion” As 70% Of Cash Sucked Away From Economy by Jack500: 8:04am On Mar 13, 2023
Emefiele will be arrested and jailed by Tinubu. E sure mi 100%.

The most useless CBN governor in history.

No Igbo man should head any financial organization again in Nigeria, their policy is always disastrous.

24 Likes 3 Shares

Re: Nigerian Economy “Loses N20 Trillion” As 70% Of Cash Sucked Away From Economy by iLoveYouToo(m): 8:05am On Mar 13, 2023
Purchasing will has dropped. These days I just get home from work and head straight to bed - to avoid drama

22 Likes

Re: Nigerian Economy “Loses N20 Trillion” As 70% Of Cash Sucked Away From Economy by Dididrumz(m): 8:05am On Mar 13, 2023
Expected


The Nigerian economy is wildly driven by physical cash. So a cash policy like this will definitely affect the economy negatively to a large extent.

25 Likes 2 Shares

Re: Nigerian Economy “Loses N20 Trillion” As 70% Of Cash Sucked Away From Economy by DamnnNiggarr: 8:05am On Mar 13, 2023
shocked
The Center for the Promotion of Private Enterprise (CPPE) has said the Nigerian economy has lost N20 trillion as 70% of cash has been sucked away from the economy.
...has been sucked away from the economy by who??

APC! APC!! APC!!!

by the time APC is done with Nigeria and Nigerians, from where Buhari stopped, all those praising and rejoicing that their lord and savior won the election would be nowhere to be found because hunger might have killed them by then, or they might be in jail as a result of engaging in illegal means to survive, they might have also japared to either Cameroon, Cote D'Ivoire or Ghana, Benin republic and many other smaller African nations in search of Greener pastures.

13 Likes

Re: Nigerian Economy “Loses N20 Trillion” As 70% Of Cash Sucked Away From Economy by Akwamkpuruamu: 8:05am On Mar 13, 2023
Naija matter no be wetin dem de talk with empty belle

21 Likes 1 Share

Re: Nigerian Economy “Loses N20 Trillion” As 70% Of Cash Sucked Away From Economy by ENGINEERG(m): 8:06am On Mar 13, 2023
Y
Re: Nigerian Economy “Loses N20 Trillion” As 70% Of Cash Sucked Away From Economy by Zico5(m): 8:06am On Mar 13, 2023
Effect of AfghanEASTian the obidiense want to foist on us. Emefiele is really performing wonders. I wonder how the government of Peter Obi would be assuming he was mistakenly voted into the power. Thank God we are free at least from them. It would have been from Fran pan to fire. May almighty give Asiwaju Tinubu the wisdom to lead this country to the promise land.

19 Likes

Re: Nigerian Economy “Loses N20 Trillion” As 70% Of Cash Sucked Away From Economy by YoungLionken(m): 8:06am On Mar 13, 2023
What kind of rubbish is this for God's sake!?

Like how did we get here as a country, Buhari, his cabinet members, governors, judiciary, legislature, masses or who exactly? Kai!!!

1 Like

Re: Nigerian Economy “Loses N20 Trillion” As 70% Of Cash Sucked Away From Economy by Miles300: 8:06am On Mar 13, 2023
I still wonder why we haven't taken to the streets yet over this madness and unnecessary suffering ...where in the world does citizens get starved of the own local currency ..just where in the world

32 Likes 3 Shares

Re: Nigerian Economy “Loses N20 Trillion” As 70% Of Cash Sucked Away From Economy by PeterTinubu(m): 8:06am On Mar 13, 2023
My only regret in life is being a Nigerian 😔

15 Likes 3 Shares

Re: Nigerian Economy “Loses N20 Trillion” As 70% Of Cash Sucked Away From Economy by Ofunaofu: 8:07am On Mar 13, 2023
Moh247:
cool



Buhari knows nothing about Economy, Emeifailure is a trained banker and not an economist

Two of them shows why you should only allow trained professionals do their jobs

Monetary policy CBN Governor headed by a Banking and Finance graduate Nssuka UNN

Chairman Economic Council headed by Vice President Professor of Constitutional Law

Fiscal policy Zainab Ahmed


.

Provide solutions, Moh247

This is not time to throw tantrums and call names because the last time I checked, APC is in power and Emefiele was retained as CBN governor by the APC government

9 Likes

Re: Nigerian Economy “Loses N20 Trillion” As 70% Of Cash Sucked Away From Economy by jchioma: 8:07am On Mar 13, 2023
I'm not an economist, but a Cash based economy will suffer the kind of shock we are experiencing, plus the people that are enlightened enough may not be up to 30%. More people will suffer from illiteracy than from the policy itself. Meanwhile, the Buhari administration needs to be more proactive and pragmatic in the twilight of their govt's sensitization of the policy and release interventionist programmes to alleviate the effects on the masses.

2 Likes

Re: Nigerian Economy “Loses N20 Trillion” As 70% Of Cash Sucked Away From Economy by inoki247: 8:07am On Mar 13, 2023
we have alot of Naira in the Banking sector right now and isn't showing on our Forex ordinary 10naira no reduce from Dollar nd Naira.,..


So automatically as a lame man wey know nothing Abt economy saving money for Nigerias won't even av any effect on us this policy don show am clearly....


We keep asking the supporters of this Policy what's the benefits till now we Neva get any beta reason...


Imagine we av Alot of CFA in Circulation and still derr currency is getting stronger each other.....


We need a good and realistic Policy this Policy is anti people saving money is of no benefits for Nigerians....

9 Likes 2 Shares

Re: Nigerian Economy “Loses N20 Trillion” As 70% Of Cash Sucked Away From Economy by TheNiceGuy(m): 8:07am On Mar 13, 2023
Old market women who sells vegetables and fruits will open palm pay?

Why are you guys forming nonsense woke angry
dangoteinlaw:
The citizens suffering are only doing themselves. What does it cost to open a palmpay account, even some have accounts but adamantly refuse to accept transfers because a fool will buy money to in turn buy goods from them. There’s absolutely nothing wrong with this policy except the illiterates suffering from it implementation.

45 Likes 8 Shares

Re: Nigerian Economy “Loses N20 Trillion” As 70% Of Cash Sucked Away From Economy by JASONjnr(m): 8:07am On Mar 13, 2023
Tinubu will kill it kpata-kpata

1 Like

Re: Nigerian Economy “Loses N20 Trillion” As 70% Of Cash Sucked Away From Economy by juman(m): 8:07am On Mar 13, 2023
Buhari is embodiment of satan the accursed.
He demolished the economy completely.
He should be charged to court for deliberate treason.

12 Likes

Re: Nigerian Economy “Loses N20 Trillion” As 70% Of Cash Sucked Away From Economy by Nobody: 8:08am On Mar 13, 2023
Massiveglory:
Watch the economy naturally rejuvenate when the authentic winner of the 2023 presidential election is declared and sworn in.

We are getting there.
The new Nigeria is POssible.
The new Nigeria is unstoppable.
what if that doesn’t happen as you expect it to ? I’m not fighting you o Na question I Dey ask

4 Likes 1 Share

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