New Telegraph

LCCI: Cash crisis limiting 80% business transactions

As Nigerians await the Monetary Policy Committee (MPC)’s position on the cash scarcity nationwide, the Lagos Chamber of Commerce and Industry (LCCI) has reminded the relevant authorities that the is currently being held down by 80 per cent as the bulk of transactions via physical exchange of the naira is done at that percentage. President of LCCI, Dr. Michael Olawale-Cole, made this known in a statement in Lagos yesterday. Precisely, the LCCI president said that limiting physical access to the legal tender impacted negatively on the velocity and capacity for wealth creation and productivity of the real and other sectors of the economy. He pointed out that the pervading, prolonged cash scarcity had put pressure on the business and household sectors, saying that businesses were facing critical existential challenges at the moment. According to him, the challenges include, continuous rising inventory stockpiles, cautious production due to weakening demands, extensive supply chain issues.

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