The persistent cash crunch occasioned by the Central Bank of Nigeria’s policy on the naira redesign and cash withdrawal limit has abruptly stopped economic and service delivery in the real estate environment, Sunday PUNCH reports.
On his part, the co-founder of Estek Cosmopolitan, Bernard Okonji, said the naira scarcity had greatly increased the cost of production, making it difficult to start or complete housing projects.
He said, “This is a development that nobody saw coming. It has happened for the first time and everybody is just trying to manoeuvre their way. The cash crunch made the pricing of things move differently. For example, artisans don’t have a bank account, they feed from hand-to-mouth and if you want to transfer their daily pay, they will ask you for cash payment instead. If they agree to transfer, you would have to add charges, increasing the production costs.
At a residential development ongoing in Jabi, the site engineer, who spoke on the condition of anonymity, told our correspondent that labourers were now jobless, adding that the level of production had reduced drastically.
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