CONTINUED CASH SCARCITY IN NIGERIA
IDP’s terribly affected by the cash scarcity in neighboring Nigeria.
As the scarcity of cash continues in Nigeria, experts have warned that the national economy will suffer the long-term negative effects if nothing is done to address the situation urgently. Following the redesign of the national currency and the withdrawal of the old currency notes, there has been scarcity of cash running into two months. The scarcity has forced many small businesses, which depend on cash transactions, to shut down while citizens are faced with difficulty accessing cash for their daily expenses.
Director of the Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf, in an interview, said the cash crunch is slowing down economic activities and taking a heavy toll on small businesses. He said: “One had expected that the situation would improve after the presidential election, but that has not happened. It has continued to slow down economic activities and it is taking a very heavy toll on the small businesses, on those in the rural areas and. It is also taking a huge toll on the agricultural sector.” He said these are very huge and strategic constituents of the economy, because of their contributions to job creation, economic inclusion and their contributions to economic diversification.
“So, it is a major issue and we thought that the Central Bank of Nigeria (CBN) would calm these things now that the presidential election has come and gone, perhaps, the CBN is still waiting for the governorship election, because the main agenda from what I can see is that it is just ensure that money is not used for the election,” he said. Apart from the cash scarcity in Nigeria being a major issue to its entire citizens, it has been reported recently to be worse on the part of Internationally displaced persons especially Ambazonians and it is really sad. Here is a video of a man in the Nigerian first bank, explaining the critical situation for these idp’s
