THE inability of many Nigerians to access cash for daily activities is beginning to impact livelihoods and productivity in the real sector negatively, while pushing many businesses in the informal sector to the edge. Already, employers are witnessing rising cases of absenteeism from members of staff, especially low cadre workers, owing to their inability to access cash for transportation.
to the Centre for the Promotion of Private Enterprise , the N20 trillion losses suffered by the economy arose from the deceleration of economic activities, crippling of trading activities, stifling of the informal economy, contraction in the agricultural sector and paralysis of the rural economy, adding that there are also corresponding job losses in thousands.
chief executive officer, Dr. Muda Yusuf, noted that 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 old notes, silence by the Presidency on the Supreme Court judgment and absence of official pronouncement by CBN on the issue. He added that retail transactions across sectors have become nerve-wracking and distressing as payment system challenges persist.
said. A report by purchasing managers index equally showed that Nigerian firms recorded a slight loss of growth momentum in January, citing lower demand, issues with machinery and power supply, which dipped to 53.5 in January from 54.6 in December. The PMI report stated that with CBN’s cashless policy, many businesses are having difficulties in finalising transactions due to poor access to cash and downtime on payment channels.
Perfect one 👌 ❤️
In countries were they respect their rule of law and not joke with it. CBN Governor, The president, INEC Chairman etc. Are supposed to be arrested the law is no respecter of any persons. We are growing up as youths our leaders should live a life worthy of emulation.
Good effort, we should make people face the fallout of action otherwise we are taking impunity to the hight above the sky.
Law Law Latest News, Law Law Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: GuardianNigeria - 🏆 1. / 94 Read more »
Blinken hopes Nigeria addresses election grievances legally | The Guardian Nigeria News - Nigeria and World NewsUS Secretary of State Antony Blinken voiced hope that Nigeria will follow its own legal processes to ease tensions after disputed presidential elections.
Source: GuardianNigeria - 🏆 1. / 94 Read more »