The Central Bank of Nigeria has been requested to examine its cashless policy by small company owners operating under the auspices of Micro, Small and Medium Size Businesses in order to promote business growth.
Segun Kuti-George, the national vice chairman of the Nigerian Association of Small-Scale Industrialists, bemoaned the effects of the current cash shortage and emphasized the need for the CBN to conduct a thorough assessment of the cashless policy.
Solomon Aderoju, national vice president of the Nigerian Association of Small and Medium Businesses, however, noted that a thorough examination was required because of the severity of the suffering MSMEs had during the most recent cash crisis.
Many small enterprises in Nigeria are still dependent on cash today. He stated that the result of the study revealed the fact that 19 per cent of small businesses had shut down as a result of the cash crunch, while many others were on the verge of closing up shop.