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The CBN Governor, Godwin Emefiele, might have relied on Buhari’s body language to create one of the worse cash crisis in Nigeria’s recent history. But a statement by the presidential spokesman, Garba Shehu, on Monday, might have jolted him, according to a market analyst, Ike Ibeabuchi, who spoke with Dataphyte at night.
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…the plight of Persons With Disabilities
Nigeria’s cashless policy has since cause a lot of ‘discomfort’ despite the touted advantages by the apex bank.
Contrary to the views expressed by some financial experts that the Central Bank of Nigeria (CBN)’s naira redesign policy will strengthen the currency, it has turned out to weaken it against the dollar.
With the current cash shortages amid an election, what is the fate of the election, given the history of vote-buying in previous elections?
Cash-strapped Nigerians are thronging point-of-sale shops despite over 20 percent charged on every withdrawal
The volume of e-payment transactions in the last 10 years show that Nigeria has made progress on the cashless policy.
In the seven years reviewed, the lowest number of N200 notes was recorded in 2015 when 401.63 million pieces were put into circulation. This year, N1000 and N500 have had the highest volumes in circulation, with 1.011 billion and 1.322 billion pieces, respectively.
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Meanwhile President Muhammadu Buhari has asked the CBN to re-circulate old N200 notes till April 10 to enable Nigerians heave a sigh of relief. He said this during his broadcast on Thursday morning, noting that he was concerned about the impact of the monetary policy. He said those in possession of old N500 and N1000 notes could return them to the CBN by April 10.
Nigeria is moving toward a full-fledged cashless society with the Central Bank of Nigeria’s introduction of the cash swap policy.
In 2022, Nigeria’s apex bank, the Central Bank of Nigeria, announced its plans to redesign the currency.
