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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 […]
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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 […]
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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 […]
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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 […]
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Not deterred by the ongoing scarcity of naira notes in the country and the penalties meted out to party goers who abuse the currency, an event planner printed a special form of money sprayed at their event. A viral video captured the moment attendees of an event sprayed a customized currency other than naira. According […]
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With no end in sight about the scarcity of the naira notes, buyers and sellers in Lagos have resorted to the use of electronic payment channels. A NAN correspondent, who visited some markets in the state on Saturday, reported that most sellers and customers conducted their transactions through online money transfers. While expressing worries over […]
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