Central Bank of Nigeria Governor Olayemi Cardoso has attributed the growing scarcity of N100 and N200 notes to the rapid adoption of digital payments and the declining purchasing power of lower denominations, a development that has fuelled widespread speculation that the federal government may be preparing to introduce a higher banknote such as the rumoured…
The Central Bank of Nigeria has reiterated that the old N1000, N500, and N200 denominations remain valid and legal tender nationwide. The spokesperson of the apex bank, Hakama Sidi Ali, disclosed this in a statement on Friday. CBN’s comments come as cash scarcity worsened nationwide despite the apex banks’ directive to Nigerian banks to ensure…
The Chairman of the Ogun State chapter of the Manufacturers Association of Nigeria (MAN), George Onafowokan, has expressed deep concern over the ongoing crisis in Nigeria’s manufacturing sector, attributing significant losses to the government’s decision to float the naira in 2023. Speaking at the 39th Annual General Meeting of MAN in Ogun State, held under…
The trailer for 3 Working Days, a film directed by Jerry Ossai, has officially been released, building anticipation for its premiere on October 18, 2024. The movie centres on the 2023 cash scarcity crisis in Nigeria, sparked by the government’s naira redesign policy, leaving millions of Nigerians struggling to access cash. The story follows a…
The Government of Cross River State has frowned on the ongoing scarcity of fuel across the state. In a statement by Ukpong Umoh, Special Adviser to Governor Bassey Otu on Oil and Gas, on Saturday, the government said it would hammer down on all operations of product hoarding and black market profiteering, in order to…
The Nigerian National Petroleum Corporation Ltd. has blamed the fuel scarcity that has led to long queues in filling stations nationwide due to recent rains, lightning, and thunderstorms. NNPCL’s Vice-President (downstream), Dapo Segun, disclosed this at a press conference at the NNPC towers in Abuja on Tuesday, 20th August 2024, People Gazette reports. “We’d like…
