Economists and financial experts have said massive job losses loom amid the naira currency.
According to the Confidence Index Report by MAN, the employment rate would dip below benchmark points to 48.8 points in the first quarter of 2023. “The unemployment rate presently is on the rise due to several factors including but not limited to foreign exchange scarcity and rate, energy crises, the rising cost of goods and services, poverty induced low purchasing power, high-interest rates and insecurity, etc.“There is every likelihood that the addition of the Naira crises will further lead to economic losses directly affecting labour, which will further increase the percentage of unemployed Nigerians.
Also, Dr Ayo Teriba, the CEO of Economic Associates, EA, said the Naira redesign policy had placed an untold hardship on Nigerians, and looming job losses cannot be far-fetched.
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