👉 Relocate to Canada Today!

Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to Canada

FinanceNews

Bankers Explain the Reasons Behind Continued Cash Scarcity

Despite the Central Bank of Nigeria (CBN) directive on Monday, March 14, 2023, banks have refused to accept old naira notes.Information Guide Nigeria

According to LEGIT.NG, some customers have been disappointed as they were told that nothing had changed and banks were still waiting for supply from the CBN.


👉 Relocate to Canada Today!

Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to Canada

A bank official told a customer at Ikotun: “We have been paying the cash in our vault before and it is exhausted. We will get more cash from the CBN”

Other Top Stories:

Another customer, Bamidele Adeniyi, said: “My worry now is where would CBN get the old notes to supply banks since they have destroyed the ones in their possession?.”NYSC Portal

LEGIT.NG reports that a Capital Market Professor at Nasarawa State University Keffi, Uche Uwaleke, said that the ongoing cash scarcity and low demand have led to a situation where traders dealing in perishable goods are compelled to sell their products below the cost of production or purchase price, as they lack proper storage facilities, Businessday reports.

He said: “In my opinion, the use of cash scarcity to stifle demand is not a sustainable way to tackle inflation as it hurts economic growth and could lead to loss of jobs thereby fuelling unemployment.”JAMB Result

Check JAMB Result

Check and Confirm: How much is Dollar to Naira

 

👉 Relocate to Canada Today!

Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to Canada

 

📢 We are hiring writers!

Article Writing Jobs - We are hiring good freelance writers - Click here to apply

Copyright Warning!

Contents on this website may not be republished, reproduced, or redistributed either in whole or in part without due permission or acknowledgment. . Proper acknowledgment includes, but not limited to (a) LINK BACK TO THE ARTICLE in the case of re-publication on online media, (b) Proper referencing in the case of usage in research, magazine, brochure, or academic purposes,. . All contents are protected by the Digital Millennium Copyright Act 1996 (DMCA). . . The images, except where otherwise indicated, are taken directly from the web, if some images were inserted by mistake violating the copyright, please contact the administrator for immediate removal.
. We publish all content with good intentions. If you own this content & believe your copyright was violated or infringed, please contact us  for immediate removal.

Idongesit Akpa-Ayang

Idongesit is a graduate of Communication Arts, University of Uyo. Currently working as a news reporter at InfoGuide Nigeria.

Related Articles

Leave a Reply

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

Back to top button

It looks like you're using an ad blocker!

This website InfoGuideNigeria.com is maintained by the advertising revenue and we noticed you have ad-blocking enabled. Please disable Ad-Blocker