According to a recent analysis by the economic think tank Centre for the Promotion of Private Business, the Federal Government’s over 70% mop-up of cash through the Central Bank of Nigeria has caused the Nigerian economy to stagnate and lose over N20 trillion.
It said that in addition to crippling economic activity nationwide, the prolonged severe cash shortage now posed a serious threat to the livelihoods of the majority of Nigerians.
The President, Major General Muhammadu Buhari (ret. ), was urged to act quickly, stating that “Nigerians have not been this traumatized in recent history.
The banks asserted that the CBN had not formally informed them of the Supreme Court ruling in order for them to take any action.