The Money Deserves Better (MDBM) Movement is urging the Nigerian government and stakeholders in both public and private sectors to take action against the escalating cases of e-fraud, bank charges and rising inflation eroding naira value. The group recently conducted a three-day awareness campaign in Yaba and Victoria Island (VI).
The catalyst for the campaign was the alarming devaluation of the naira, which has reportedly lost more than 71 per cent of its value since the onset of the COVID-19 pandemic. This devaluation persists despite the Central Bank of Nigeria’s target inflation rate of six to nine per cent, a target that has not been met since 2014.
Sasha Arinze, a member of the MDBM Movement, pointed out that during the COVID-19 pandemic, global supply chain disruptions and heightened consumer demand led to profit-driven inflation. However, in contrast to many other economies that have aggressively addressed this economic challenge through policy measures, Nigeria has not.
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Supporting Sasha’s statement, Gordon Oluwanifemi, another campaign member, emphasized that Nigeria has been grappling with inflation for nearly a decade. It’s a long-standing problem that can no longer be tolerated. Inflation has become a daily burden for everyone, with prices of goods consistently on the rise. Therefore, the MDBM Movement is taking a proactive stance, demanding that all key stakeholders nationwide implement effective policies to halt the further devaluation of the Naira and initiate appreciation.
The MDBM Movement remains committed to advocating for meaningful economic and financial reforms within the financial sector and across financial institutions. They are calling on Nigerian banks to raise interest rates and offer attractive investment opportunities as part of their efforts to combat the negative effects of inflation and currency devaluation