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Dollar Deposits Is Affecting A Lot Of Businesses In Nigeria – Yemi Alade Calls Out CBN

Posted by Amarachi on Mon 17th May, 2021 - tori.ng

The 32-year-old singer urged the apex bank to consider amending its policy stressing that although it is intended to hurt money fraudsters, it is worsening the economy.

Yemi Alade

Yemi Alade

Nigerian singer, and songwriter, Yemi Alade, has called out the Central Bank of Nigeria, CBN, for the hardship faced by Nigerians due to dollar transactions.

Alade, in a Twitter thread on Sunday, lamented that the restrictions on dollar transactions have affected imports by legitimates, hence making the poor man ‘poorer’

She urged CBN to consider the ordinary man in Nigeria who depends on legal businesses, adding that the country is becoming unbearable to live in.

Her tweets read: “The state of the economy in Nigeria CBN REALLY NEEDS TO CONSIDER THE ORDINARY MAN IN NIGERIA! All the new restrictions on dollar deposits is affecting a lot of businesses. You don’t have enough dollars to even give legitimate business people for their imports ,why not find another solution. Poor man is getting POORER.

“Can you please create a balance for us CBN? While you have focused on truncating cash dollar deposits, the Cyclic nature of Money from rich to poor is making this country unbearable to live in.”


The 32-year-old singer urged the apex bank to consider amending its policy stressing that although it is intended to hurt money fraudsters, it is worsening the economy.

“Go to your local grocery store, whether na aboki shop or Supermarket and see that they CANNOT RESTOCK a lot of products once they run out. We do not produce any of these finished products even toothpaste.Your focus is money launderers but you are in turn worsening our economy dear CBN.

“So much bureaucracy in action and no one consciously trying to apply it to our reality! How long will your restriction on USD go on for? CBN DO BETTER,”
she tweeted.

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