As Nigerians grapple with the multidimensional hardship in daily lives occasioned by the persistent Naira scarcity, financial experts have encouraged them to brace up for more difficult times as the crises might not abate soon.
The governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, is expected to personally supervise and ensure that banks’ doors are opened to customers today (Saturday) and tomorrow, Sunday.
It’s 9pm on a Monday evening and Tunde is desperately looking for cash in Lagos, Nigeria. After queuing for 3 hours at a bank ATM, he approaches a local Point-of-Sale (PoS) agent who charges him N1,500 to withdraw N10,000. He accepts the unfair price with a mix of anger and resignation. He has no cash to get to work the next day and public buses do not accept electronic payments. Tunde’s struggle exemplifies the current fate of everyday Nigerians due to the Central Bank of Nigeria’s recent cash policies.
As the Holy Month of Ramadan begins, Muslims in Nigeria are currently groaning under the prolonged naira scarcity, which has led to serious bottlenecks to households’ ability to access cash and food.
The Poultry Farmers Association of Nigeria (PAN) said the industry has lost more than N30bn worth of eggs since the implementation of the naira redesign policy by the Central Bank of Nigeria (CBN)
The Poultry Farmers Association of Nigeria (AFAN) said its members lost more than N30 billion worth of over 15 million crates of eggs due to the effect of Naira scarcity in the country.
Inflation, fuel and Naira scarcity might push 24.8 million Nigerians into hunger between June and August, Food and Agricultural Organisation (FAO) has warned.
Eight days after the Supreme Court delivered its final ruling in the lawsuit on the old banknotes and extended their validity to December 31, 2023, the scarcity of the currency still persists across the states of the federation even as many Nigerians..
Council of Retired Federal Permanent Secretaries (CORFEPS), yesterday, lamented the pains and hardship caused by the non-availability of the new notes while the old notes have been withdrawn from circulation.
Many meat sellers in various markets in the Federal Capital Territory (FCT) have expressed concerns over their inability to buy cattle from rearers.
Some residents of Ore in Odigbo Local Government Area of Ondo State on Friday blocked the busy Ore-Benin expressway to register their displeasure over the scarcity of naira notes. The News Agency of Nigeria (NAN) reports that the protesters made bonfire on both sides of the expressway making it impossible for vehicular movement which has…
Civil rights advocacy group, Human Rights Writers Association of Nigeria (HURIWA), on Monday, backed the Nigeria Governors’ Forum that the continuous scarcity of N200, N500 and N1,000 notes may quickly explode into a catastrophic economic crisis that will cause a severe recession and food inflation.