Nigeria's Economy Loses N20trillion On CBN’s 70% Cash Mop-up

A new report by an economic think tank, Centre for the Promotion of Private Enterprise says Nigeria’s economy is grinding to a halt and has lost about N20tn following the over 70 per cent mop-up of cash by the Federal Government through the Central Bank of Nigeria. <br />It says the protracted acute cash scarcity had not only crippled economic activities across the country but was now a significant risk to the livelihoods of most Nigerians. <br />The Director, CPPE, Dr. Muda Yusuf, stated that millions of citizens have slipped into penury and poverty due to the disruptions and tribulations perpetrated by the currency redesign policy, especially the mopping up of over 70 per cent of cash in the economy. <br />