Cash-induced recession fit happen– Experts warn as naira scarcity continue
As di naira scarcity continue with and Nigerians dey suffer hardship, financial experts don warn say di country fit enter into a cash-induced recession.
For plenty Nigerians, di currency scarcity hardship don become a nightmare without end.
To Access cash now na miracle wey everybody desires. Some commercial banks’ Automated Teller Machines don turn to graveyards because money no dey available. POS agents don follow take advantage of this situation to charge customers high fees.
February 10 na hin CBN mark as di deadline to phase out di old Naira notes. However, di Supreme Court, don stop CBN from implementing di deadline pending di time wey dem go do di hearing on Wednesday.
This development don make di currency crisis worse for plenty Nigerians as some traders no know weda dem go accept or reject di old naira notes.
Also, di Central Bank Governor, Godwin Emefiele, still dey run from pillar to post to find solution to di crisis.
On Monday, e dey reported say Emefiele meet with President Muhammadu Buhari for di third time since di currency crisis start.
Despite assurance from di CBN and Buhari on di availability of di new Naira notes, di effect of di scarcity don go from worse to worst.
Network failure and unsuccessful transactions don spoil alternative banking platforms, especially di USSD.
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In addition, one Financial Inclusion/Wealth Management expert, Mr Idakolo Gbolade reveal say di country risks a real cash-induced recession because di economy mainly depend on cash.
Also, Professor of Management and Accounting at Lead City University, Ibadan, Godwin Oyedokun yarn say di currency crisis na self-inflicted plague.
He yarn say di commercial banks’ and saboteurs’ attitude don succeed in making Naira redesign of CBN unmanageable.
Also speaking, Malachy Ugwumadu, one human rights lawyer and past national president of di Committee for Defense of Human Rights, CDHR, reveal say while Nigerians dey wait for di ruling of di Supreme Court ruling on Naira redesign, the new and old naira notes fit continue to exist.
Ugwumadu reveal this information during n Arise Television interview on Monday.
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