The Chief Executive Officer of Pelican Valley Nigeria, Dr Babatunde Adeyemo said that the Naira scarcity has continue to takes its toll
on every facet of the Nigeria economy including the Real Estate.
Dr Babatunde, a real estate guru explained that the challenges being faced by bank customers while trying to use the online banking platform was because most of the banks were not prepared for the pressure that emanated as a result of increasing number of enrollments into the online banking system due to the cash Crunch and therefore resulted into poor E-transaction.
He added that some developers have slowed down construction work pending the time the naira scarcity ease off.
According to him “When there is limited liquidity in circulation, it puts a lot of pressure on land banking. Most of these banks are not prepared to accommodate the pressure of sudden online banking and transactions. Sometimes you send money via transfer and it does not reflect for weeks. This has led to some investors suspending their investments pending the issue being resolved.
“Also, most developers are trying to use their discretion to slow down production or construction until circulation commences, because even payment to those working on site, one would need to spend an additional amount because of the charge. Most of these construction workers live from hand to mouth, and they would want to withdraw cash on a daily basis. Hence, getting the cash out for them to eat is a tug of war because they would not want to use N3,000 to withdraw N10,000.
He maintained that the naira scarcity has increased the cost of production and payment of workers appealing to the federal government to urgently address the situation in the interest of the business community and the masses.
