Economist, Bismarck Rewane, said on Friday that the Central Bank of Nigeria’s (CBN) naira redesign policy will cause a three- to five-percent decline in the GDP of Q1 2023.
The Central Bank of Nigeria had previously set February 10 as the cutoff date for the removal of old Naira notes from circulation.However, the Supreme Court halted the apex bank in an ex parte decision until February 15, when it would fully consider the case.
In an interview that aired on Channels Television on Friday, Rewane, the CEO of Financial Derivatives Company Limited, provided some insight into how the CBN policy has affected Nigerians and the country’s economy.”Ultimately, the effect will be that it will have an impact on GDP this quarter,conservatively, by three per cent, and aggressively it could reduce GDP in this quarter by five per cent if nothing is done in a hurry,” he statedHe stated that the situation Nigerians face owing to the government’s policy showed the future is bleak.
He said, “Indigestion has come out and the country is now constipated. So, we should be looking for a laxative to take care of this problem.”
 naira redesign policy will cause...){kind=link}