The Nigeria Employers’ Consultative Association has said the Central Bank of Nigeria does not understand the naira crisis challenges, pointing out that the apex bank appears not have a solution to the economic problems caused by the naira redesign policy.
In a statement on Sunday, the Director-General of NECA, Mr Wale Oyerinde, said that the situation had allowed speculators and economic saboteurs to have a field day at the expense of legitimate businesses and the economy.
“Thus far, it does not seem that the CBN understands the challenges, nor have solutions to the economic issues, thereby allowing speculators and economic saboteurs to have a field day at the expense of legitimate businesses and the economy,” Oyerinde said.
Oyerinde said for a key monetary policy like the naira design, the apex bank was expected to have carried out a detailed analysis and simulation of likely social and economic challenges that might arise and provide definitive response to them
He added that the value chain in the formal and informal sector with over N10bn cash transaction daily was almost being destroyed with consequences for employment, business sustainability and national development.