“Poor man is getting POORER” – Yemi Alade calls out CBN

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Popular Nigerian singer Yemi Eberechi Alade professionally known as Yemi Alade, has said the policies by the Central Bank of Nigeria, CBN, for dollar transactions is affecting businesses in Nigeria.

Yemi is an afropop singer, songwriter, actress and also an activist. She won the Peak Talent Show in 2009 after which she signed to Effyzzie Music Group, and had a hit with her single “Johnny”.


However, in her Twitter thread on Sunday, Yemi 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.

In her words:

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 singer urged CBN to consider amending its policy stressing that although it is intended to hurt money fraudsters, it is worsening the economy.

In her word:

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,


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