Naira Scarcity : Latest CBN News On Naira Notes Today 5th April 2023 can be accessed below.
Following the Naira Scarcity in Nigeria, GoldenNewsNg has compiled Latest CBN News On Naira Notes Today 5th April 2023
We are glad to report that there’s a great improvement in circulation of cash in Nigeria.
Naira Scarcity: Zenith Bank installing a “brand new IT architecture
To keep up with the rising demand for online banking transactions, Zenith Bank is currently implementing a new IT infrastructure. This move was prompted by the central bank’s push for cashless transactions, which revealed the limitations of some traditional commercial banks’ infrastructure.
Despite being Nigeria’s most profitable bank and a Tier 1 Bank (FUGAZ) member, Zenith reported a decline in profits, from N244.5 billion to N223.9 billion, due to various economic challenges, including the Ghanaian sovereign bond default and a shortage of naira, which placed significant strain on its infrastructure.
To address these challenges, Zenith Bank is installing a new IT architecture, at a cost of N30.9 billion, the highest operating expense apart from the AMCON levy, to accommodate the growing need for online banking.
Naira Scarcity: Emefiele committed crime against humanity, says Soyinka
During an interview on Channels Television’s Roadmap 2023 programme, Wole Soyinka accused the governor of the Central Bank of Nigeria (CBN) of being responsible for the hardships faced by Nigerians due to the implementation of the Naira swap policy. He also held President Muhammadu Buhari responsible for enabling the CBN governor’s actions.
Soyinka accused the CBN governor, Godwin Emefiele, of committing a “crime against humanity” by compromising the survival principles, minimal needs, and entitlements of ordinary Nigerians. He expressed his dissatisfaction with Emefiele’s actions and urged him not to take away the economic potential and entitlements of Nigerians or expose them to the mercy of sadists.
The Naira swap policy was introduced by the CBN in December, which led to the withdrawal of old notes from circulation and the introduction of new N200, N500, and N1000 notes. The policy aimed to curb inflation and counterfeiting, but it caused chaos across banks and ATMs, leading to protests in different parts of the country. Many Nigerians encountered difficulties in conducting business and making cash payments in their daily transactions.
However, following a Supreme Court ruling, the policy was reversed in March, and the CBN directed commercial banks to dispense and receive old N200, N500, and N1000 bank notes.
Naira Scarcity Forces 25m MSMEs To Shut Down – ASBON
Naira Scarcity Leads to Closure of 25 Million MSMEs in Nigeria
The prolonged scarcity of the Naira, the official currency of Nigeria, has taken a heavy toll on Micro, Small, and Medium Enterprises (MSMEs) in the country, with approximately 25 million businesses either closing down entirely or drastically scaling down their operations to the point of inactivity. This situation has led to a significant decline in the ease of doing business ranking in Nigeria, particularly for unbanked SMEs, which constitute a large portion of the country’s informal sector.
Financial Literacy and Digital Banking Crucial for Financial Inclusion
Dr. Femi Egbesola, the national president of the Association of Small Business Owners of Nigeria (ASBON), attributes the sharp decline in MSME activity to a lack of financial literacy and access to digital banking platforms. He stresses that these factors are crucial to bridging the financial exclusion gap in the country’s informal sector and reducing redundancy and labor loss in the MSME ecosystem.
