The Nigeria Governors’ Forum (NGF) has revealed that the country is at risk of recession which will be the result of the naira exchange policy of the Central Bank of Nigeria (CBN).

The position of the governors was contained in a communiqué issued at the end of a meeting of the NGF, which held on Saturday.

In the communiqué signed by Aminu Tambuwal, chairperson of the NGF, the governors criticised the CBN over the handling of the naira redesign policy, adding that the resulting naira note scarcity is causing hardship for Nigerians.

While expressing “sympathies and support with Nigerians who are experiencing great difficulties” as a result of the maira redesign policy and aggendant consequences, the governors said they are “determined to employ all legitimate channels to ease the situation”.
The Forum believes that to deploy a cashless policy and deepen digital transactions, the best practice around the world is to create a suite of incentives to attract customers; rather than a draconian approach as we have witnessed in the last three months.




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