Nigeria’s economy loses N20trn over naira crisis

The Director of the Centre for the Promotion Of Private Enterprise, CPPE, Dr Muda Yusuf, said Nigeria’s economy had lost an estimated N20 trillion to the Naira crisis.

In a statement on Sunday, CPPE called on President Muhammadu Buhari and the Governor of the Central Bank of Nigeria, Godwin Emefiele, to end the suffering of Nigerians over the currency crisis.

“The continued deceleration of Nigeria’s economic activities across all sectors is dangerous.

“Retail transactions across sectors have become straining and distressing as payment system challenges persist. Since the outset of the cash crisis, the Nigerian economy has lost an estimated N20 trillion,” he said.

Ten days after the Supreme Court’s ruling validating the use of old N500 and N1000 notes, the Central Bank of Nigeria has yet to direct commercial banks to accept them.


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