Cash crisis: CPPE asks Buhari to intervene

The Center for the Promotion of Private Enterprise [CPPE] on Sunday called on President Muhammadu Buhari to intervene immediately to end the difficulties caused by the Central Bank of Nigeria's (CBN) monetary overhaul policy.

In a statement signed by Muda Yusuf, director of the CPPE, the think tank said the shortage of cash has not only crippled economic activities in the country, but has now become a major risk to people's livelihoods. Nigerians.

He explained that millions of citizens have sunk into penury and misery due to the disruptions caused by the currency reform policy, especially the absorption of more than 70% of cash in the economy.

"Nigerians have not been so traumatized in recent history. The economy is gradually coming to a halt due to the collapse of payment systems across all platforms.

“Performance of digital platforms is suboptimal due to congestion; physical silver is not available because the CBN has sucked more than 70% of the silver in the economy and the relief expected from the Supreme Court judgment has not materialized,” the CPPE said.

Mr. Yusuf added that citizens are consequently left in a dilemma amidst the silence of the constituted authorities.

“The banks claimed that the CBN had not officially communicated to them the judgment of the Supreme Court for any action.

“The President maintained a disturbing silence on the judgment; market women and men await news from President Buhari or the CBN Governor on the legal tender of old banknotes,” the statement read.

Curiously, the CPPE argued, there is an unwillingness or apparent unwillingness on the part of the federal government and the CBN to comply with the Supreme Court judgment.

The statement adds that the development is very "disturbing and inexplicable".

"Meanwhile, Nigerians continue to groan in adversity inflicted by severe shortage of cash amid market operators' rejection of old banknotes, banks' refusal to accept old banknotes, the Presidency's silence on the Supreme Court judgment; and the absence of an official statement from the CBN on the matter.

“Retail transactions across all sectors have become nerve-racking and nerve-wracking as challenges in the payment system persist. Since the onset of the cash crisis, the Nigerian economy has lost an estimated N20 trillion.

“These losses are due to the slowdown in economic activities, the paralysis of commercial activities, the suffocation of the informal economy, the contraction of the agricultural sector and the paralysis of the rural economy. There are also hundreds of thousands of corresponding job losses,” the think tank said.

Mr. Yusuf said Mr Buhari did not seem to appreciate the gravity and enormity of the suffering and pain that Nigerians have been enduring since the introduction of the currency overhaul policy.

“We again implore the President to intervene immediately to end the devastating and traumatic consequences of a repressive, poorly conceptualized and poorly implemented monetary overhaul policy.

"We request the following immediate actions.

“The CBN should be directed to immediately inform the Nigerian public that the old banknotes [alongside the new notes] are legal tender until December 31, 2023, as per the Supreme Court judgment.

"The CBN should be directed to officially...