The Naira redesign policy of the Central Bank of Nigeria hit every Sector of the Economy hard and created uncertainties in the nations Economy most of which are still lingering.
Director General of the Manufacturers Association of Nigeria, Segun Ajayi Kadri, made this disclosure while speaking on the impact of Multiple Taxation on the Nations’ Economy and the Manufacturing Sector.
He added that though the original idea behind the currency redesign was for the Central Bank of Nigeria to take charge of the management of the Monetary Policy of Nigeria.
Mr Kadri however said the review came because of the failure of the Policy to properly take root.
He said a big minus for the Central Bank of Nigeria was the implementation of the policy, the timing and the way the fallout was managed made it very difficult for all Nigerians, the Economy and especially the manufacturing Sector.
He described the Cash Crunch occasioned by the Naira Redesign Policy as a big body blow for the manufacturing Sector.
He said the Cash Crunch made it difficult for Nigerians to purchase manufactured goods with the Manufacturing Sector that was already experiencing a downturn in term of sales.
Mr Kadri added that the joy of the average Manufacturer is to be able to manufacture goods but ultimately sell them which was not possible within the period forcing them to invest in warehouse space to store goods they will ordinarily have sold.
According to Mr Kadri, the period saw the reduction in the disposable income of the average Nigerian which reduced the ability of Manufacturers to make profit.
He however said the negative impact of the policy and its fallout is gradually reducing with sales now rising and many more Nigerians are using technology to make retail purchases.
He said the development has inadvertently led to the growth of digital payment platforms across the country.
He also expressed the belief that the Central Bank of Nigeria would have leant a lot of lessons from the chaos that greeted the Cash Crunch.
