Naira Policy: Business Won’t Recover On Time – NECA

The Nigeria Employers’ Consultative Association, or NECA, has issued a warning that the cash swap policy’s aftershocks would last and that it would take a long time for businesses, particularly those in the informal sector, to recover since many of them have already shut down because of consumers’ weak purchasing power.

However, NECA applauded the leadership of the Nigeria Labour Congress, NLC, led by Joe Ajaero, and the Federal Government of Nigeria in a statement released yesterday in Lagos for embracing social dialogue and heeding the call of stakeholders to call off the NLC’s planned nationwide strike, which was scheduled to begin on 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.

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