Nigerian naira

As the scarcity of the new Naira notes stifle economic activities, PoS operators raised charges on transactions by 400 per cent.

In recent months, the scarcity of petroleum products across the country has stifled the operations of businesses that depend on generators for power supply. So they will now increase withdrawals and transfer charges to make up for the extra cost of buying the currency,” he explained. “It’s difficult to get cash, whether old or new notes, at the bank,” she said. He alleged some agents are displaying both the new and old notes for sales like book vendors in the market. Despite the extension, many Nigerians working in the informal sector of the economy have had to scramble for the new notes while others lamented their inability to withdraw their hard earned money from their bank accounts. “The major thing now is that there is no money. PREMIUM TIMES’ findings showed that while the poor circulation of the new notes stifle economic activities, PoS operators have also had a hard time getting both the old and new notes from the banks in recent weeks. “Bank is not giving cash and today I went to that ATM in Lugbe Shoprite and it was the same thing. “We POS agents have now taken advantage of the situation. Only one ATM was dispensing and it was dispensing just N2,000 and the highest you can withdraw there is N20,000 which means you have to withdraw 10 times before you can get the N20,000, people were much and I left,” Ms Okoye explained. “Banks are not dispensing enough naira and this makes it very difficult for us to access the notes,” he said. But since the notes were unveiled, Nigerians across different parts of the country have had a hard time accessing it from banks and ATM points.

Some foodstuff sellers at Hajiya Halima Market, Sokoto, Northwest Nigeria have dropped the prices of their foodstuffs due to low patronage experienced in ...

We decided to drop the prices of our products to attract customers so that we can also have access to cash.” And since there is no money (cash), people have stopped coming to us as we don’t take transfer. One of the traders explained to SaharaReporters why he chose to sell a bowl of rice for N1,200 rather than the market price of N1,700.

A senior aide to the President of Nigeria, Muhammadu Buhari, Ajuri Ngelale, has revealed that the President was misled by the Central Bank of Nigeria (CBN) ...

In what many have described as unprecedented in the history of the country, Nigerians now pay exorbitant charges to get the naira notes from PoS operators. The President extended the deadline for the exchange of old naira notes from January 31 to February 10 after receiving this false intelligence. This has resulted in exorbitant charges for Nigerians to obtain the new naira notes and the perception that the government is intentionally or unintentionally causing financial hardship.

Nigeria's switchover to new paper currency has grown more chaotic as ATMs in Africa's largest economy have run out of new notes.

Earlier this year, the Nigerian Financial Intelligence Unit (NFIU) announced a ban on cash withdrawals from government accounts as part of a bid to stamp out money laundering. [PYMNTS noted last week](https://www.pymnts.com/news/international/2023/nigeria-faces-shortages-in-transition-to-new-paper-bills/), the problem began when Nigeria’s government tried to to replace three high-denomination bills with new designs that are thought to be harder to counterfeit. However, authorities apparently failed to print enough new bills, leading to chaos as people tried to withdraw their own money before the Feb. The report noted that in addition to hurting commuters like Aghamelum, the shortage has also overwhelmed Nigeria’s digital payments system. According to the report, hundreds of people were left stranded at a busy marketplace in Lagos, the largest city in Nigeria, as ATMs ran dry. 4), ahead of a deadline that will ban high-value currency.

Nigerians in border communities insist that customers must make payments with the newly redesigned currency or pay with CFA Franc.

Just like we do not have enough money to import enough fuel into the country.” When the new cash policy was rolled out in October 2022, the Federal government said it hoped to prevent counterfeit banknotes, corruption, and terrorist funding, while stabilising and strengthening the Nigerian economy. The banks want to recoup those funds because it is not allowing monetary policy to have an effect and causing inflation.” Rich men and politicians have been able to get plenty of the new notes from banks and what the banks have left is not enough,” said an anonymous top commercial bank executive. [That pushed some Nigerians ](https://punchng.com/new-naira-scarcity-sokoto-zamfara-katsina-border-residents-trade-in-cfa/)in border communities of Sokoto, Zamfara, Katsina, Adamawa and Kwara to trade in CFA Franc, the legal tender of most Francophone countries. It placed January 31 as the end of the old banknotes and residents were advised according.

Nigerians have lamented the frustrations over the declining success rate of using electronic channels as the scarcity of new naira notes worsened.

In the age of digitisation it is important to stay relevant regardless of the cadre of employment you fall under. “It is also pertinent to mention that the increasing competition in the digitised banking environment would no longer be between banks but with non-banking institutions. For example, telecoms such as MTN and Airtel Nigeria had been granted licenses by the Central Bank of Nigeria. Such statistics as stated above confirm that in the future workplace, we may not be competing for jobs with other humans but with robots,” they said. The World Economic Forum, further projects that by 2055, nearly half of all work in all occupations would be automated. Click here to start.](https://thenationonlineng.net/earn-us-dollars-from-home-made-easy-for-nigerians/) [OUTRAGEOUSLY BIZARRE!!! President, National Association of Telecoms Subscribers (NATCOMS), Chief Deolu Ogunbanjo blamed the development on pressure exerted on the network owing to the knee-jerk CBN’s cashless policy implementation. Constantly keeping tabs on trends and required skills would increase your value professionally and in turn your relevance,” they added. “I have been trying fruitlessly since morning to transfer cash to my son at the university. Since cash is now a scarce commodity, I collected his bank details and tried to transfer cash to him using the USSD code. The CBN should extend the timeline by another two months,” Ogunbanjo said. “Cashless is good because it is a global phenomenon but it must be implemented gradually.

While the banking public face double whammy of naira notes scarcity and electronic transaction failures, some Nigerians are now turning to payment solution ...

I hardly buy things but at the same time I have cash and I do transfer or pay with a card too,” she said. Deposit money banks have taken additional measures to quicken the flow of naira notes. Those of us that have the old notes aren’t finding it easy to deposit them in the bank. Ndigwe stated that the use of transfers on students’ smartphones is the most convenient way so far. “Our monitoring suggests that whilst there has been an expected surge in electronic transactions, these have not risen to unprecedented levels and the payment system is well equipped to handle even higher transaction volumes,” Emefiele said, adding that whilst transaction failures are bound to occasionally occur, the public is encouraged to have full confidence in Nigeria’s globally recognised payment system infrastructure. As of 2019, the failure rate of the transactions on PoS stood at 15.68 percent.

Nigerian banks on Monday denied allegations of fuelling the scarcity of the redesigned naira notes across the country. The Association of Corporate.

The statement expressed confidence that the measures, in addition to efforts of the CBN, “will result in greater ease of access and cash liquidity”. The banks listed additional measures as the deployment of extra technical support for online payments, additional security at ATMs for all-clock usage, technological back-up to reduce online downtime, additional staff deployment to attend to cash transactions and timely interbank and inter-branch networking. Bolarinwa said the fund was used in setting up and maintaining cutting-edge electronic channels in recent years as part of the ongoing commitment to seamless customer experience and real-time digital financial transactions.