The most the government can do is refrain from further impeding Nigerians’ economic activity with an inflation rate of approximately 20% and over 100 million people living in multidimensional poverty. It goes without saying that both the sustainability of the business and many people’s livelihoods would be affected.
The timing without adequate preparation and sensitization of the critical mass that drives the economy (the SMEs and MSMEs) could prove counterproductive and further push many below the poverty line. While it is desirable to get all bankable individuals and businesses into the banking system and promote the CBN’s cashless policy. This is another another great illustration of how the government’s monetary and fiscal policies are out of sync with one another.
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It is ridiculous to shamelessly put up processing fee snares for people and companies who want to withdraw their hard-earned money from the bank for real and authentic business activities. It is also significant to emphasise that the digital and mobile infrastructure needed to support the cashless policy is not yet properly established. This is not just harsh; it’s also inhuman.
“We urge the CBN and the Federal Government to address the challenges of the declining value of the Naira, growing inflation, oil theft, soaring foreign debt, and lifting millions out of poverty – with the same vigor and promptness employed in executing this programme.
Businesses in Nigeria are already suffering as a result of poorly thought-out government policies; they shouldn’t have to deal with even more hardship as the holiday season draws near.