CBN's cashless policy has destroyed businesses - Group
One group, Africa's Young Entrepreneurs, says the Central Bank of Nigeria's new naira/cashless policy has destroyed many businesses.
In an open letter to CBN Governor Godwin Emefiele and signed by AYE Chairman Dr Summy Smart-Francis, he lamented that policies are making it extremely difficult for individuals and businesses to access to cash, saying the cost of living and doing business has skyrocketed, and many small business owners have suffered losses and debt.
He added that a cashless economy was supposed to make life easier, but it came with "untold hardship" as it turned into a "nightmare".
The open letter, titled “You have killed many businesses in Nigeria – Open Letter to Emefiele (CBN Governor),” read: “Long queues at ATMs at banks and even people who slept there at night were commonplace; workers could not get to their place of work, some traveling long distances because they could not get money for transport costs
“Over the past few weeks, I have witnessed firsthand the severe impact of the cashless policy on businesses and entrepreneurs in Nigeria, as many entrepreneurs and members of our community have complained bitterly, with thousands of businesses ruined.
“Your policies have made it extremely difficult for individuals and businesses to access cash, which has dealt a severe blow to the entrepreneurial community and prevented people from accessing essential goods and services. The cost of living and doing business has skyrocketed, and many small business owners have suffered losses and debt.
“Governor Emefiele, your actions and inactions have killed many businesses in Nigeria. Farmers have suffered massive losses as they watch their agricultural produce rot before their very eyes, due to the unavailability of legal tender for transactions.”
Francis advised Emefiele to be more careful in the future when implementing policies and, above all, to listen to the plight of people.
“As we continue to educate entrepreneurs on the benefits and operations of a cashless society in our organization, sufficient time must be allowed for to be able to spread this literacy to the nooks and crannies of Nigeria,” he said.
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One group, Africa's Young Entrepreneurs, says the Central Bank of Nigeria's new naira/cashless policy has destroyed many businesses.
In an open letter to CBN Governor Godwin Emefiele and signed by AYE Chairman Dr Summy Smart-Francis, he lamented that policies are making it extremely difficult for individuals and businesses to access to cash, saying the cost of living and doing business has skyrocketed, and many small business owners have suffered losses and debt.
He added that a cashless economy was supposed to make life easier, but it came with "untold hardship" as it turned into a "nightmare".
The open letter, titled “You have killed many businesses in Nigeria – Open Letter to Emefiele (CBN Governor),” read: “Long queues at ATMs at banks and even people who slept there at night were commonplace; workers could not get to their place of work, some traveling long distances because they could not get money for transport costs
“Over the past few weeks, I have witnessed firsthand the severe impact of the cashless policy on businesses and entrepreneurs in Nigeria, as many entrepreneurs and members of our community have complained bitterly, with thousands of businesses ruined.
“Your policies have made it extremely difficult for individuals and businesses to access cash, which has dealt a severe blow to the entrepreneurial community and prevented people from accessing essential goods and services. The cost of living and doing business has skyrocketed, and many small business owners have suffered losses and debt.
“Governor Emefiele, your actions and inactions have killed many businesses in Nigeria. Farmers have suffered massive losses as they watch their agricultural produce rot before their very eyes, due to the unavailability of legal tender for transactions.”
Francis advised Emefiele to be more careful in the future when implementing policies and, above all, to listen to the plight of people.
“As we continue to educate entrepreneurs on the benefits and operations of a cashless society in our organization, sufficient time must be allowed for to be able to spread this literacy to the nooks and crannies of Nigeria,” he said.
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