Tag: naira scarcity

There is a steady increase in the scarcity of Naira notes across many states in the country including some parts of the nation’s commercial capital, Lagos. The latest scarcity has become increasingly noticeable in the past week. States said to be battling the cash crunch include Bauchi, Borno, Kaduna, Kano, Kebbi, Taraba, as well as […]

Cash scarcity, which was experienced about 10 months ago across the country, has resurfaced in Calabar, the Cross River State capital. Reports say that some banks have restricted withdrawals to customers to only N5,000 across the counter. Customers also complained that Automated Teller Machines (ATMs) were not dispensing cash. Just a few dispensed only N5,000 […]

Naira scarcity has hit the Federal Capital Territory (FCT), Abuja as the initial deadline given by the Central Bank of Nigeria (CBN) to completely phase out old currency notes approaches. No fewer than seven commercial banks in the AYA area of Abuja failed to dispense cash on Thursday. By Thursday evening, customers walked away frustrated […]

Reports of the scarcity of naira notes have been reported from major cities across the country. This is in spite of moves by the Central Bank of Nigeria (CBN) to formally extend the validity of the old naira notes. The apex bank had affirmed that it has enough currency notes in the market and there […]

The United Nations has revealed how Naira scarcity between February and March 2023, crippled Nigeria’s economy and made the citizens poorer. The revelation is contained in a report captioned, ‘Trade and Development Report Update; Global Trends and Prospects (April 2023),’ produced by the United Nations Conference on Trade and Development (UNCTAD). It stated that the […]