The Centre for the Promotion of Private Enterprise [CPPE] on Sunday called on President Muhammadu Buhari to immediately intervene to put an end to the hardship caused by the currency redesign policy of the Central Bank of Nigeria (CBN).
In a statement signed by Muda Yusuf, director of CPPE, the think tank said the cash scarcity has not only crippled economic activities in the country but has now become a major risk to the livelihoods of Nigerians.
He explained that millions of citizens have slipped into penury and destitution as a result of the disruptions caused by the currency redesign policy, especially the mopping up of over 70 per cent of cash in the economy.
“Nigerians have not been this traumatized in recent history. The economy is gradually grinding to a halt because of the collapse of payment systems across all platforms.
“Digital platforms are performing sub-optimally because of congestion; physical cash is unavailable because the CBN has sucked away over 70…
