• About
  • Advertise
  • Careers
  • Contact Us
Friday, June 27, 2025
  • Login
No Result
View All Result
NEWSLETTER
Tech | Business | Economy
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
Home Economy Finance

Six days after Presidential Election Naira Scarcity Persists

by Justice Godfrey Okamgba
March 3, 2023
in Finance
0
Naira Scarcity
UBA
Advertisements

The much-anticipated presidential election is over, and the results have been announced, but Nigerians continue to struggle with access to cash.

Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN), announced the plan to redesign the N200, N500, and N1,000 notes in October 2022.

Since the notes’ release, Nigerians in various parts of the country have been unable to obtain them from banks and ATMs in time for the recently concluded election.

At the height of the crisis, the CBN had advised Nigerians to turn to alternatives such as eNaira and digital channels. Many transactions have failed or been delayed as a result of using these channels.

Consequently, a crisis between some Governors and President Muhammadu Buhari ensued, leading to a filing at the court. The Supreme court had restrained the Federal Government from going ahead with the implementation of the policy.

But the President, in a nationwide broadcast, ignored the apex court order by extending the validity of the old N200 notes while insisting that the old N500 and N1,000 remained illegal.

Buhari further stated that the old N200 note would be legal tender till April 10, 2023, while urging Nigerians to deposit their old N500 and 1000 notes with the central bank.

However, before the presidential election on the 25th of February, analysts believed that the CBN’s new Naira redesign policy was targeted at some politicians who were contesting for public office.

However, the election is over while the quagmire persists.

Temitope Alabi, a POS operator told TechEconomy on Friday that access to the new Naira notes remains a big issue, as there are limited notes available.

The POS operator who charges N100 per thousand added that when there is cash, nobody takes more than N2,000.

“We don’t usually have cash but when we do, it’s usually a small amount and we don’t give more than N2,000. We had hoped that the situation was going to change after the election but it’s almost still the same.”

While the consequences of the policy continue to play out, Nigerians are making several calls on the apex bank to make cash available.

In a video seen by TechEconomy on Thursday, President Muhammadu Buhari apologized to Nigerians over the naira redesign policy, saying that it was not introduced to cause hardship.

“I apologize to you for the hardship caused by the change of the naira. It was done to boost the economy of the country, not to cause hardship to anybody,” the president said.

 

 

 

Loading

Advertisements
MTN ADS

Author

  • Justice Godfrey Okamgba
    Justice Godfrey Okamgba

    View all posts
0Shares
Tags: CBNCBN PolicyDigital ChannelseNairaEVCnaira
Justice Godfrey Okamgba

Justice Godfrey Okamgba

Next Post
Binance

Binance P2P Expands Offering to more African Countries

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recommended

Interswitch Career Fair 4.0

Notes from Interswitch Career Fair 4.0

1 month ago
Apple TV+ Losing $1 Billion a Year Despite Spending $4.5 Billion on Content

Apple TV+ Losing $1 Billion a Year Despite Spending $4.5 Billion on Content

3 months ago

Popular News

    Connect with us

    • About
    • Advertise
    • Careers
    • Contact Us

    © 2025 TECHECONOMY.

    No Result
    View All Result
    • News
    • Tech
      • DisruptiveTECH
      • ConsumerTech
      • How To
      • TechTAINMENT
    • Business
      • Telecoms
      • Mobility
      • Environment
      • Travel
      • StartUPs
        • Chidiverse
      • TE Insights
      • Security
    • Partners
    • Economy
      • Finance
      • Fintech
      • Digital Assets
      • Personal Finance
      • Insurance
    • Features
      • IndustryINFLUENCERS
      • Guest Writer
      • EventDIARY
      • Editorial
      • Appointment
    • TECHECONOMY TV
    • Apply
    • TBS
    • BusinesSENSE For SMEs

    © 2025 TECHECONOMY.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    Translate »
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.