Central Bank of Nigeria does not understand the naira crisis challenges

Nigeria Employers’ Consultative Association has revealed that the Central Bank of Nigeria does not understand the naira crisis challenges, pointing out that the apex bank appears not to have a solution to the economic problems caused by the naira redesign policy.

In a statement on Sunday, Director-General of NECA, Wale Oyerinde, stated that the situation had allowed speculators and economic saboteurs to have a field day at the expense of legitimate businesses and the economy.

Oyerinde said for a key monetary policy like the naira design, the apex bank was expected to have carried out a detailed analysis and simulation of likely social and economic challenges that might arise and provide a definitive response to them.

He, however, said that while the CBN’s desire for a cashless economy was commendable, it should not, in the process, exclude those it intended to include.