Why naira scarcity won’t end soon

Currency In Circulation To GDP Ratio Falls From 1.63% To 0.49% In Two Months
• Scarcity’ll Contract GDP Up To 0.5% In Q2, FG Warned
• No Bank Can Meet 50% Of Customers’ Cash Needs — Managers
• CBN Must Increase Cash Circulation To N2.3tr To Ease Scarcity, Says Emmanuel
• Nigerians No Longer Depositing Cash, Advised To Brace Up For More Hardship

I Will Emerge Speaker As Prophesied By Solomon Lar – Wase

Naira Scarcity : Latest CBN News Today 8th June 2023

Notwithstanding assurances by the Central Bank of Nigeria (CBN) to ease cash scarcity in the country, data and financial analysts, market intelligence and expert opinions suggest Nigerians would live with limited cash circulation for long or months unless there is a radical departure from the apex bank’s management approach.

The CBN was recently forced down from its high horse by the Nigeria Labour Congress (NLC), which threatened to ground the economy if cash circulation does not improve drastically.

The decision came after weeks of partial implementation of the Supreme Court’s ruling extending the validity of the hitherto phased out old notes to December.

Banks push out dirty, mutilated notes as new naira scarcity persists

Bank workers and customers have lamented over the quality of the old naira notes reintroduced into circulation by the Central Bank of Nigeria amidst the gradual disappearance of the new notes.

Naira Redesign: CBN Governor Sued Over Disregard For Court Orders

Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN), is facing a court case for allegedly defying Supreme Court orders concerning the naira redesign policy. On March 27, a Lagos-based activist-lawyer named Tope Alabi filed an application against Emefiele at the Federal High Court in Lagos. Alabi referred to the naira swap as a “cash confiscation policy” that has disrupted the day-to-day operations of his office because his staff cannot make it to work due to the unavailability of physical cash. He also stated that commercial drivers cannot collect fares because they lack point of sale (POS) devices.