Afenifere, a pan-Yoruba socio-political organisation, bemoaned the continued cash crunch in the nation, claiming it prevented business growth as reports from various regions of the nation showed that people are still having a difficult time getting cash from banks and other related establishments like Deposit Monetary Banks.
In a press release issued by Comrade Jare Ajayi, the national publicity secretary of Afenifere, the organisation called on President Muhammadu Buhari to follow through on his promise made last week about the Supreme Court’s ruling on the circulation of naira notes.
The organisation observed that such developments are making it exceedingly difficult for individuals to live justly and that many enterprises, particularly small and medium-sized ones, have been forced to close.
The organisation noted that President Muhammadu Buhari stated that he did not prevent either the Central Bank Governor or the Attorney General of the Federation from following the ruling of the supreme court in a statement released on his behalf by his spokesperson, Garba Shehu.
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It was observed that earlier this month, the Supreme Court had issued an order mandating that both the old and new Naira notes be accepted as legal tender up to December 31, 2023.
According to Afenifere, restricting how much money a consumer may remove from their bank account is an infringement on their rights. And that it needs to end right away.
The organisation claims that banks continue to place a restriction on the amount a customer may withdraw and that currency notes are not just difficult to find as of this week’s first when this statement was released. It continued by saying that not all banks were dispensing cash since many people continued to lament the lack of either old or new notes.
According to Afenifere, the nation and its people “are in for catastrophic economic and social upheavals” if this tendency persists.
It referenced the caution issued last Thursday by the Abuja Chamber of Commerce and Industry (ACCI), which bemoaned the high rate of inflation that is complicated the “business climate” and escalating problems for small firms.
It said that the National Bureau of Statistics (NBS), in its most recent report, revealed that the country’s inflation rate was 21.91% in February, up 0.09% from the 21.82% that it was in January 2023.
The President stated that his government has made significant efforts to support the survival and growth of SMEs despite “tough circumstances placed upon us by a variety of external shocks” in a statement released by his spokesperson, Mr. Femi Adesina.
The organisation added that the president made the remark while hosting the Governing Council of the Institute of Directors, which paid a visit to him at the Presidential Villa in Abuja under the leadership of its chairperson, Dr. (Mrs.) Ije Jidenma.
“Right thinking Nigerians never cease to be amazed by disclosures from the Presidency which seem to fly against the reality of what is happening in the country. At the moment, everybody knows that not only are businesses under serious strain, Nigerians are finding it difficult to maintain what they have.
“Besides that, millions of people are finding it difficult to stay afloat as their means of livelihood are experiencing a lot of setbacks. It is therefore surprising to hear voices from the seat of power asserting that businesses are growing”.
