By Victor Ahiuma-Young

NIGERIA Employers’ Consultative Association, NECA, has warned that the ripple effects of the cash swap policy would linger and  take a long time for businesses, especially the informal sector, to recover.

According to the employer body, many businesses have closed due to low purchasing power of consumers.

NECA in a statement yesterday in Lagos, however,  commended the Nigeria Labour Congress, NLC, leadership, presided over by Joe Ajaero and the Federal Government for embracing social dialogue and heeding the call of stakeholders to abort NLC planned nationwide strike that would have commenced on Wednesday, March 29, 2023.

The Director-General NECA, Mr Adewale-Smatt Oyerinde, the statement among others, said, “The Central Bank of Nigeria (CBN) has shown goodwill and true support for the ailing economy by immediately disbursing cash to the Commercial Banks and directing them to open beyond their normal working hours to ease the cash crunch in the nation.  This action could have been averted in the first place.

“We commend the efforts of the Governor, Mr Godwin Emefiele and the Honourable Minister of Labour and Employment for personally getting involved and monitoring the disbursement to ensure compliance with the Bank’s directive to end the cash crunch, which the economic nerve-centre and other areas have started witnessing improvement.  

“Business activities had stagnated in the last 10 weeks of the implementation of redesigning of the currency policy nationwide leading to reduced productive output, high inventory and job cuts and impediments to personal and business transactions.”