According to recent figures released by Nigeria’s Apex bank CBN, the country’s external reserves have fallen by $427.14m in just one month, this follows despite the recent naira scarcity challenge which has further worsened the country’s currency crisis.
However, this policy was met with major resistance by governors of various states, who complained that the policy was causing severe suffering to the Nigerian masses. This caused President Muhammadu Buhari to release a new directive asking the CBN to re-circulate the old N200 notes which should remain legal tender till April 10, 2023.
All deposit money banks also began collecting all old N500 and N1000 notes on Friday, without giving depositors new naira notes in return.
With several reports of protests and violence going on all over the country which was triggered by the scarcity of new naira notes, leading to the destruction of banks and properties and loss of lives as well.
The Nigeria Employers Consultative Association ina statement has shared their thoughts on the recent situation saying “In the last few weeks, with the cash squeeze and the purchasing ability of Nigerians greatly impaired by the shameless implementation of the policy, the economy has witnessed a significant bashing with a report stating that the real sector witnessed about 40 per cent drop in productive activities. As the cash crush continues, thousands of productive hours are lost daily on queues by employees and many cannot even get to work.”
Meanwhile, the CBN Governor, Godwin Emefiele in 2022, launched the ‘RT200 FX Programme’ aimed at boosting the forex supply in the country by involving the non-oil sector in the next three to five years.
He said “The RT200 FX Programme is a set of policies, plans, and programmes for non-oil exports that will enable us to attain our lofty yet attainable goal of $200bn in FX repatriation, exclusively from non-oil exports, over the next three to five years,