A former Director-General of the Lagos Chamber of Commerce and Industry and Chief Executive Officer, Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, tellshis thoughts on the real impact of the new naira policy, the state of the economy and what should be the priorities of the incoming governmentthe outset, you said the redesign of the naira to, among other things, mop up the cash in circulation, was needless because the cash in circulation wasn’t too much.
There are globally accepted metrics for determining the extent of cash dominance in any economy. First is to examine the Cash to Gross Domestic Product ratio. The amount of cash outside the banking system at the end of 2022 was N2.6tn. The size of the economy – in GDP – was N202tn in the same year. This implies a cash to GDP ratio in Nigeria of 1.3 per cent. This ratio is one of the lowest globally.
The presidency said it didn’t ask the CBN and the Attorney General of the Federation to disobey the Supreme Court order on the naira issuance, do you think the CBN deliberately ignored the apex court ruling or the presidency was simply trying to save face, given that the buck stops with the President?
The trouble was that all manner of payment transactions were done online because of the acute shortage of cash. We saw situations where N200, N500 and N1,000 transactions were done online. There was tremendous pressure on the digital platforms which led to several instances of transaction failures. Those operating on the cashless platforms also became victims of the policy. The digital payment systems could not withstand the pressure.
The CBN has declared the old notes as legal tender, but the impact and scarcity might not disappear overnight, as we have seen, how long do you think it will take for things to stabilise? I believe the current administration has done its best and we should not expect any dramatic change in its approach to economic management. We must however acknowledge some important constitution amendments which signpost the devolution of powers in some areas. States can now generate, transmit and distribute electricity. States can also now provide railway services to their citizens. But what is paramount at this time is to focus on what the incoming administration should do.
Source: News Formal (newsformal.com)
😂😂😂 make una calm down na
You're not serious.
There is no tinubu as president. Are these guys playing, or do they want to test the masses?
Baba don write to that effect...
This is what we need to hear on this platform now. Not fake news, not propaganda.
All this Mugus, Tinubu can not address his own family, He can not address his own APC party full of ediots like realFFK & fkeyamo, the old drug baron can not even address his fraud certificates and Drug charges, HOW then can he Address Nigerian problems? ARISEtv channelstv
Of course he will. But first he will start by getting back his 299 billion used to bribe inec
All the political jobbers don start to drop takes. He don dey eye appointment.
We don't want him to address anything.He should return our mandate.
What type of playing is this
Someone who can’t even address small gatherings and say something meaningful will address inflation and forex crises? Bulaba don’t have such ability and can’t. We didn’t vote for him.
Stolen mandate. Please keep this advice for yourself
Which Tinubu? Funny people.. we're not living in the dark ages
🥸🥸he can not
Person way go return the stolen mandate
1999-2007 obansajo got 25% in FCT, 2007-2010 Yar'adua got 25% in😘 FCT, 2010-2015 goodluck got 25% FCT, 2015-2019 BUHARI got 25% in FCT, 2015-2023 BUHARI got another 25% in FCT,2023% election BOLA TINUBU didn't get 25% in FCT. has the Constitution changed on BOLA TINUBU?
He might be good at that, but common! The man literally stole from the people he wishes to lead, thats not a leader!
Dey play 😂😂😂 president select is sitting on borrowed time
Wasted advice
And buhari APC didn't know this 😩😂😂 just send your CV to the thief he might consider you 😂😂
We don't need him why he keep forcing him self on us , he should address his self too return the certificate
Lol if people read this stuff make i bend
Bobo Juice
Person wey go soon enter prison
We don't want
Nawa
Dey play
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