Banks, business owners, count huge revenue losses amid naira crisis

For weeks, there has been chaos in Nigeria’s micro and macroeconomic sectors as commercial banks, business owners and Nigerians continued to count their revenue losses owing to the untamed naira crisis.

The pain of Naira scarcity has been on the lips of many Nigerians, including corporate, small-scale businesses, petty traders, transporters and the high and low in the Nigerian economy.

The hardship has no boundary. Everyone has been affected differently.

In his latest intervention, the President of Nigeria, Muhammadu Buhari, asked that the old N200 notes co-exist with the new naira notes till April 10th; however, days after, there has yet to be respite as Buhari’s remarks continue to generate different reactions.

Governors of Kaduna, Ondo, Ogun, Kano, Lagos, and five other states openly voiced their displeasure with Buhari on the naira redesign policy. They said Buhari’s directives contravened the Supreme Court’s ex parte order restraining the CBN from implementing the February 10 deadline to phase out old naira notes.

Legally, Senior Advocates of Nigeria, SANs, have described Buhari’s directive disregarding the order of the country’s apex Court as executive rascality.

Mike Ozekhome, Ebun Adegborunwa, Tayo Oyetibo, Kabir Akingbolu, and other senior lawyers described Buhari’s directive as contemptuous against the Supreme Court