The Nigeria Governors’ Forum on Sunday warned that the Central Bank of Nigeria‘s naira redesign policy could have disastrous effects on the nation and potentially lead to economic recession.
The governors, across party lines, disclosed this in a communique signed by the NGF chairman, Governor Aminu Tambuwal of Sokoto State, at the end of their meeting on Saturday in Abuja.
The NGF noted that the people’s inability to use the new notes has led to severe economic consequences, including the emergence of a black market, food inflation, variable commodity prices, long lines and crowds around ATMs.
“The country runs the risk of a CBN-induced recession,” the NGF said.
The naira redesign policy was introduced as part of the apex bank’s efforts to check inflation, counterfeiting, and corruption. But since the rollout of the policy, Nigerians have had a hard time getting cash for their daily transactions due to scarcity.
