GDP falls to 2.31% in Q1 over cash crunch policy – NBS

NIGERIA’s gross domestic product (GDP) declined to 2.31 per cent in the first quarter of 2023, occasioned by the Central Bank of Nigeria’s naira redesign policy, the National Bureau of Statistics (NBS) has said.

The NBS revealed this in its ‘Nigerian Gross Domestic Product Report Q1 2023’ it released on Wednesday, May 24.

The policy brought untold hardship to households, organisations, and even the government as it created cash scarcity, and crippled many businesses, The ICIR can recount.


By Ehime Alex.
Full story at ICIR Nigeria.