Current CBN policies are shutting down businesses, says CSO

The Nigerian Civil Society ‎Situation Room has expressed worry over the current policies of the Central Bank of Nigeria (CBN), which it said have succeeded in shutting down many businesses, thereby contributing to the economic challenge being faced by the country.

The group also lamented that the administration of President Muhammadu Buhari has been very slow in defining its economic policies due to lack of direction and proper economic blueprint to turn around the economy of the country.

The group made this known on Tuesday in Abuja while reviewing and commenting on the state of the nation with a special focus on Nigerian Economy and other governance issues.

In his remarks, the Executive Director, Policy and Legal Advocacy Centre (PLAC), Clement Nwankwo said, “government has been very slow in defining its economic policies, there is no Minister of Finance, the central bank is implementing policies that we are quite worried about in the sense that we don’t see a direction of the country, unemployment is becoming a major concern, and businesses are not understanding what to do and how to cope with the current central bank policies that are busy shutting down businesses, it is a major concern for us.” 

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