Nigerian Economic Summit Group has warned Nigeria could face macroeconomic instability, loss of investor confidence and distrust in the financial system, should the current cash crunch arising from the naira redesign persist.
The group also predicted restraint on both local and regional trade and constraint on the informal sector.
The warning came as the protests against the Central Bank’s currency programme spread further, taking a violent turn.
NESG warned that the monetary authorities should adopt a gradual phase-out of the old notes; expedite the printing of new notes as well as intensify public sensitization and strengthen the digital infrastructure.
