Analysts predict that the cash crisis in the country following the Central Bank of Nigeria’s (CBN) naira redesign policy will ease after the presidential and national assembly elections.
In addition, analysts have urged the new government to first integrate the country and implement policies that will promote the growth of the private sector.
They said that the economy, regardless of who is elected to the highest office in the country, will bounce back.
Specifically, the Chief Executive Officer of Eczellon City Diekola Onaolapo said that he believes the conclusion of the general elections should ease the current cash crunch in the country.
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He also explained that due to the economic storm that is emerging in Nigeria, the new government should be careful in its economic policies.
However, he predicted a recovery in the Nigerian economy.
According to him, “After the elections, the cash crunch would subside and everything should return to normalcy.”
Furthermore, he noted that there are a lot of economic headwinds on the global front, which an incoming president of Nigeria would have to deal with.
” Nigeria is particularly unique in the sense that in addition to economic issues, it also had its own socio-political issues that need to be dealt with. And these are challenges a new president would have to face. As we speak, we can’t call the election but the comfort an analyst like me, has with this election coming in is that the candidates all should be able to assemble a solid enough team to manage the economy because I think that’s one of the things that the country has not clearly enjoyed in recent times. I hope that one of the things that we will see in the incoming administration would be a good vision plan and then we have a competent team that can execute it, “he said.
On his part, the Head, of Financial Institutions Ratings at Agusto & Co, Mr. Ayokunle Olubunmi said: “Now that the election is over, we expect an increase in the supply of cash into the economy. So the cash crunch we have been experiencing over the last few weeks would reduce. I also think the CBN would actually increase printing because their focus was to reduce vote buying and so now, we would have more cash in the economy.”
On policy focus for an incoming government, he added: “The Presidential elections are over and the wisest thing to do for the incoming president is to look for ways of reconciliation and finding a way of uniting the country. If it is a Tinubu presidency, I believe he would partner more with the private sector unlike what we had in the last eight years.”
