Obi urges CBN to rethink monetary policies
Obi, who spoke to journalists at St. Patrick’s Cathedral, Awka, after the priestly ordination by the Catholic Diocese of Awka over the weekend, said he appreciated the motives but that the issue of domiciliary account needed to be reconsidered as it is hurting the economy.
According to him, the adverse effects of the regulations on small and medium scale businesses, which are the biggest employers of labour in the country, are enormous.
He insisted that any policy unfavourable to small and medium scale businesses, both in short and long terms, should be re-examined, especially now that unemployment is one of the nation’s biggest problems, much so as “those small and medium businesses are pivotal to the fight against extreme poverty.”
Obi said that a survey of small and medium scale businesses in such cities as Onitsha, Nnewi, Aba, Lagos (Alaba International and Trade Fair Complex, among others) and other commercial cities would reveal that traders were suffering and that the unintended negative impacts of the policy dwarf its positive effects.
He urged the CBN to commission a study on the realities on ground.