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Tag: Naira Scarcity

Foreign flights fully booked despite naira scarcity
Aviation

Foreign flights fully booked despite naira scarcity

In a surprising turn of events, foreign flights from Nigeria are experiencing unprecedented demand and are reportedly fully booked, despite the prevailing scarcity of the naira and economic challenges facing the country. Most airlines serving the Lagos-London, Lagos-USA, and Lagos-Paris routes were fully booked for the festive season despite the high cost of tickets which keeps increasing. […]

CBN fails to tackle spraying as cash scarcity bites harder
News

CBN fails to tackle spraying as cash scarcity bites harder

The traditional and cultural practice of spraying(spending) cash during parties in Nigeria has become increasingly challenging to control. A lot of Nigerians can still buy their way into getting enough cash especially in new notes to spray at these events despite the ban by the apex bank. A business man based in the FCT, Adekunle […]

Banks increase lending rates after CBN’s MPR hike
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Naira scarcity continues, traders ration cash

A number of small-scale farmers and vendors have voiced their dissatisfaction with the ongoing financial difficulties in the country, claiming that the regrettable event has negatively impacted their companies. According to The PUNCH, a few farmers and traders said that they had stopped storing their cash in banks to prevent money from becoming stuck. The financial […]

Kogi residents lament scarcity of new naira note
Business featured

Naira scarcity crippled Nigeria economy – UN

The United Nations has revealed that the Nigerian economy has been crippled by the shortage of naira in recent times especially the informal sector. This was revealed in its ‘Trade and Development Report Update; Global Trends and Prospects (April 2023),’ report produced by the United Nations Conference on Trade and Development. The UN disclosed that […]

A photo of President Buhari and the redesigned note
Business

New Naira: Farmers beg FG for compensation over loss

The All Farmers Association of Nigeria has requested that the Federal Government provide compensation to farmers for the losses they incurred during the introduction of the Central Bank of Nigeria’s naira redesign policy and the ensuing cash shortage. According to The News Agency of Nigeria, the farmers made this request while assessing the policy’s impact […]

JUST IN: Emefiele orders banks to dispense old naira notes - Soludo
featured Policy and Regulations

Naira crisis: Emefiele’s crime more than electoral fraud, says Soyinka

Nobel laureate, Prof Wole Soyinka, has knocked the Central Bank Governor, Godwin Emefiele, over the hardship that the new naira redesign policy and recent naira notes crisis plunged the entire country into.   Soyinka said this during an interview on Channels TV on Monday, stating that Emefiele’s crime was against humanity and even more than […]

The old 500 and 1000 naira noted
Business

Naira scarcity: Cashless transactions drop to N37.67tn

Cashless transactions which is also referred to as online transaction fell to N37.67tn in February 2023 because of delayed and failed money transfers. The new data accessed from the Nigeria Inter-Bank Settlement System on Monday by The Punch revealed it was a 4.83 per cent fall from the N39.58tn recorded in January. Despite the fact […]

Logos of Nigerian banks
Business

Nigerian banks close early on crucial elections eve

Nigerian banks have communicated to their customers that they will close physical operations earlier on Friday in preparation for the 2023 presidential election. This information was communicated via emails to the customers of banks. AmBusiness have confirmed the emails sent by some commercial banks like First Bank, Wema Bank, Stanbic IBTC,  Access Bank, Sterling Bank, […]

Court Symbol of Justice
Business featured

Again, Supreme Court adjourns old naira suit

CoThe Supreme Court has on Wednesday adjourned the case instituted by some state governments against the federal government on the naira redesign policy till March 3, 2023. Recall that three states Zamfara, Kogi and Kaduna filed a lawsuit against the Federal Government  on February 3. Other states like Katsina, Lagos, Cross River, Ogun, Ekiti, Ondo […]

Economy

Naira crisis: No money to cook food, Orji Kalu laments

Wilson Adekumola     Senate Chief Whip, Orji Uzor Kalu has complained about the hardship and pains the Central Bank of Nigeria inflicted on Nigeria through its monetary policy.     Senator Kalu, who made this complaint on a Channels Television program on Monday, said the naira scarcity has brought suffering to him and his […]