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NIGERIA: Cash Shortage Eases

NIGERIA: Cash Shortage Eases Old naira notes are brought back into circulation.A lingering cash crunch in Nigeria, which saw long lines of customers at banks and cash dispenser machines started to ease on March 29th after the central bank reissued old naira notes back into circulation.The queues at banks in Lagos and most cities had started disappearing since March 27th as most customers began to be able to access physical cash.The National Labour Congress (NLC) union movement had threatened strikes over the cash scarcity starting from March 29th, but the day before they announced they would postpone for two weeks to monitor how Nigerians were accessing cash.“Yes there is compliance, but the NLC…. doubted the sustainability of that compliance,” Joe Ajaero, NLC president told reporters. “We felt we have to monitor this compliance for the next two weeks.”The cash shortages began in October when the Central Bank of Nigeria (CBN) gave a February 2023 deadline to change old 200, 500, and 1,000 naira bills for new redesigned ones.The policy was intended to promote cashless transactions in a country where many businesses operate in the informal sector which relies on cash and hardly uses the banking system.According to the CBN, the policy was also http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Africa Research Bulletin Economic Financial and Technical Series Wiley

NIGERIA: Cash Shortage Eases

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Publisher
Wiley
Copyright
© 2023 John Wiley & Sons Ltd.
ISSN
0001-9852
eISSN
1467-6346
DOI
10.1111/j.1467-6346.2023.11065.x
Publisher site
See Article on Publisher Site

Abstract

Old naira notes are brought back into circulation.A lingering cash crunch in Nigeria, which saw long lines of customers at banks and cash dispenser machines started to ease on March 29th after the central bank reissued old naira notes back into circulation.The queues at banks in Lagos and most cities had started disappearing since March 27th as most customers began to be able to access physical cash.The National Labour Congress (NLC) union movement had threatened strikes over the cash scarcity starting from March 29th, but the day before they announced they would postpone for two weeks to monitor how Nigerians were accessing cash.“Yes there is compliance, but the NLC…. doubted the sustainability of that compliance,” Joe Ajaero, NLC president told reporters. “We felt we have to monitor this compliance for the next two weeks.”The cash shortages began in October when the Central Bank of Nigeria (CBN) gave a February 2023 deadline to change old 200, 500, and 1,000 naira bills for new redesigned ones.The policy was intended to promote cashless transactions in a country where many businesses operate in the informal sector which relies on cash and hardly uses the banking system.According to the CBN, the policy was also

Journal

Africa Research Bulletin Economic Financial and Technical Series – Wiley

Published: May 1, 2023

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