Naira scarcity

Commuters are now paying transportation fares through bank transfers and other digital payment options due to the lingering scarcity of the naira notes.

Godwin Emefiele, governor of the Central Bank of Nigeria, had in October 2022 announced plans to redesign the N200, 500, and N1,000 notes, which he said was necessary to help reduce the amount of cash in circulation and aid the cashless policy. BusinessDay findings show that the number of the NIBSS instant payment system increased to 541 million in January 2023 from 348 million in January 2022, indicating a growing trend towards a cashless society. BusinessDay also discovered that since the price of the Cowry Card-enabled Bus Rapid Transit (BRT) in Lagos was reduced by 50 percent, many Lagos residents switched from using cash to the Cowry Card to pay for transport fare.

Council of Retired Federal Permanent Secretaries (CORFEPS), yesterday, lamented the pains and hardship caused by the non-availability of the new notes while ...

Notwithstanding these concerns, the die is now cast and all that remains is how to manage the election process and the post-election period.” “Judging from the provisions of section 134 of the Constitution, which is binding on INEC for the declaration of a winner in a presidential election, the stark realities of our national situation in this Constitutional Democracy is that all the major ethnic groups need each other to produce the president of the federation, as no ethnic group can make it alone. They noted that the confidence of the populace and political parties in accepting the results of the election is contingent on the integrity of the electoral processes.

Evidently, the MSMEs, informal sector operators, rural areas and the unbanked communities that have not embraced digital banking appear worst hit. National ...

Even to pay transporters to move their farm goods and products from the farm to the town becomes a great challenge as transporters need to be paid in cash. The little money they are collecting they use it to transport and eat, wasting their capital. Those at the lowest part of the ladder, the Nano and the Micro businesses are worse hit because they are cash based. “Most small business owners are collecting their money in bits, which is a waste of capital. “The new notes are not circulating. “We can’t continue with a cash economy in this age and time, but we need to move forward with the cashless economy.

Sex workers in Kogi State say they are not left behind in the biting scarcity of naira notes in Nigeria. Inquiries by DAILY POST show that they now carry.

When the transaction is successful, then we can go and have sex,” Precious added. If I go collect transfer from you, I must see the alert and confirm for my account before we go go anywhere. DAILY POST gathered that the sex workers are battling with fake transactions from fraudulent customers who patronise them. Although our daily customers have dropped, we decided to start collecting transfers. “Some of us in this business have decided to get our own POS machines to avoid fake transfers. Princess, who thought DAILY POST correspondent wanted to patronise her sex trade when she was approached at about 10:30 PM on Monday evening spoke in pidgin English saying, “Bros, I take baba God beg you, make you no come tell me say na transfer you go do ooo if we talk price. A sex hawker in NUJ road, Queen, who spoke to DAILY POST said she hardly makes half of what she earned before. As I speak to you, I normally collect N2000 for a short time, while for daybreak, depending on the client, I collect nothing less than N7,000. “I don’t trust the cashless policy we are into right now because it does not favour me and my business. If I see who will give me physical cash, I normally collect N500 for a short time and N3,000 for daybreak. When asked how she is sustaining her trade with the naira scarcity quagmires, Zarah responded, “it is not easy at all. “If I don’t sell my body, how will I get food or pay my bills?

A Coalition of Civil Society Organisations (CSOs) comprising more than 38 CSOs which includes; Civil Society Legislative Advocacy Centre (CISLAC) Say no ...

They said that instead of allowing the masses to suffer, the Federal Government should direct security and anti-graft agencies to remove the sums of money allegedly kept in the homes and offices of the few politicians. “The CBN should publish the amount of the new Naira notes disbursed to each commercial bank and the list of persons that collected the billions from the banks,” they said. A Coalition of Civil Society Organisations (CSOs) comprising more than 38 CSOs which includes; Civil Society Legislative Advocacy Centre (CISLAC) Say no Campaign, Centre for Democracy and Development (CDD) Connected Development (CODE) BudgIT among others have called on the federal government should direct security and anti-graft agencies to remove the sums of money allegedly kept in the homes and offices of the few politicians.

Onye ntaakụkọ BBC Igbo ji onwe maa atụ iji gosi ihe ndị Naịjirịa na-agabiga n'ihi ụkọ ego ọhụrụ.

Buhari nakwa onyeisi Ụlọakụ etiti Naịjirịa bụ Godwin Emefiele kwuru na atụmatụ imeghari akwụkwọ ego Naịjirịa ugbua bụ iji hụ na ebelatara nsogbu enweghị ezi nchekwa (ọkachasi n'aka ndị ntọ), mfesa ego naịra adigboroja, nrụrụaka nakwa ihe ịkwalite akụnụba Naịjirịa. A ka na-eche ka ụlọikpe mee mkpebi n'okwu mana ka nke a na-aga n'ihu, ọtụtụ ụmụ afọ Naịjirịa na-eti mkpu akwa n'ihi ahụhụ ha na-ata site na enweghị ego naịra nke gụnyere inweghi zute nri, enweghị ike zụta mmanụ ụgbọ ala, enweghị ike mee njem gaa ọrụ, enweghị ike zuo maọbụ rie ahịa nakwa ihe ndị ọzọ. Ụlọakụ etiti machiri iji ego ochie Naịra azụ ahịa na Naịjirịa dịka emegharịchara ego ọhụrụ Naịjirịa nke a malitere ikesa n'ụbọchị 15 nke ọnwa Disemba 2022.

The Supreme Court has consolidated various suits instituted by 16 state governments against the federal government, challenging CBN's naira swap deadline.

[Abuja](https://gazettengr.com/presidential-candidates-violating-signed-peace-accord-abdulsalami-abubakar/) [Economy](https://gazettengr.com/naira-drops-exchanges-at-n461-60-to-dollar/) [Abuja](https://gazettengr.com/labour-party-pdp-members-defect-to-apc-in-fct/) [Politics](https://gazettengr.com/apc-blames-labour-party-pdp-for-unfairly-trolling-tinubu/) [Politics](https://gazettengr.com/katsina-youths-pledge-to-deliver-over-2-million-votes-to-atiku/) We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.

Since July 2022, once the major presidential contestants were known, the strategy, policy and economic consultancy which I run, RTC Advisory Services in ...

Overall, we expect Atiku to have a small edge in the region of 45% to Tinubu/Shettima’s over 40% in the North-East. In the South-South, we expect PDP’s Atiku to lead with over 40% of votes and Tinubu coming second with more than 30% of votes cast. My hypothesis is that Kwankwaso’s real strategic objective may be to secure the governorships of Kano and Jigawa as a base for future political credibility. Atiku also started politics in the Yar’adua faction of the SDP and was regarded as one of the closest loyalists of the late general. Peter Obi’s emergence has also mostly been at the expense of Atiku, taking votes away from him in PDP strongholds in the South-South, South-East and North-Central. On the positive side, Tinubu has managed to retain the support of the preponderance of Northern governors and politicians within the APC and if he wins may herald an unprecedented opportunity for national unity. He has been in both PDP and APC and also started in the then SDP’s Yar’adua wing. In 1999, Tinubu became governor on the platform of the Alliance for Democracy (AD) and gradually became the foremost Yoruba politician founding Action Congress (AC), Action Congress of Nigeria (ACN) and All Progressives Congress (APC) in partnership with President Buhari. He was the de facto leader of the followers of Yar’adua which had metamorphosed into the Peoples Democratic Movement (PDM) and may have been pivotal to Obasanjo’s emergence as presidential candidate of the PDP in 1999 in alliance with and at the behest of the military component of Nigeria’s ruling class led by Ibrahim Babangida and General T. The bottom line is that the risk profile of Nigeria’s political transition and elections has risen considerably in recent weeks and months!!! Tinubu has a professional background in finance/treasury at Mobil and entered politics in the early 1990s on the platform of the defunct Social Democratic Party (SDP). In the event, the biggest socio-political risks to successful elections emerged from two most unlikely of sources-Nigeria’s national oil company, NNPC and its central bank!

As the Supreme Court today (Wednesday) resumes hearing on the old naira note deadline suit between some state governments.

We are sure the Supreme Court justices cannot compromise because they know their onions.” The Supreme Court had on February 8 restrained the Federal Government from implementing the February 10 deadline for swapping the old naira notes with new ones, but the Central Bank of Nigeria refused to shift the deadline. As the Supreme Court today (Wednesday) resumes hearing on the old naira note deadline suit between some state governments and the Federal Government, Nigerians, especially consumer and business groups as well as professional and trade unions are looking up to the apex court for a favourable judgment that they expect will ameliorate their suffering.

The counsel for the Attorney General of the Federation, Kanu Agabi SAN, has responded to claims that President Muhammadu Buhari disobeyed the Supreme.

He contended that president Muhammadu Buhari has constitutional powers “to veto legislation.” “Long before the court made that order, Nigerians were rejecting the old notes,” Agabi replied, saying the president directed Nigerians to go and deposit the old notes at the CBN and banks so as to save the nation from calamity. He reminded the panel that CBN was mentioned 32 times in the originating summons of the plaintiffs but that the complainants did “not think it fit to bring the CBN” before the court.