AS CONTINUED PROTESTS PROMPTED BY SCARCITY OF REDESIGNED NAIRA NOTES ROCKS ACROSS THE DIFFERENT STATES - WHAT IS THE WAY FORWARD
The scarcity of the newly redesigned Nigeria's naira notes perceived to be artificial and an opportunity to exploit the masses has sparked off several protests by Nigerians, who are calling for immediate government intervention. This scarcity of the nation's currency has had far-reaching implications on the lives of citizens and businesses, as it has caused serious economic disruptions in the country.
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The scarcity of the new naira notes has had a significant impact on the daily lives of Nigerians. According to the Central Bank of Nigeria’s (CBN) latest survey, the cost of living has risen by about 10% since the scarcity of the naira began. This has caused a significant burden on the people, especially those who are already struggling to make ends meet. Moreover, scarcity has led to a shortage in the supply of basic goods, leading to a further increase in prices.
Businesses in the country have also been severely affected by scarcity. With the lack of sufficient naira notes, companies have found it challenging to carry out trade and transact business, leading to a decrease in profits. According to a recent survey, about 50% of businesses have reported a decrease in their profits since the scarcity began.
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The implications of the scarcity if not addressed immediately could be dire. The economic disruption caused by scarcity could lead to an increase in poverty and unemployment, as businesses will be forced to lay off staff due to the decrease in profits. This could lead to a further decrease in the standard of living, as the cost of living will continue to rise.
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To address the issue, the government should take immediate action to ensure that there is enough supply of naira notes to meet the needs of the people and businesses. The government should also work to improve the circulation of the currency to ensure that it is accessible to all. Furthermore, the government should also work to reduce the cost of living and make basic goods more affordable for the people.