This scarcity of foreign currency may lead to payment delays, which could potentially constrain the banks' ability to repay their own foreign currency liabilities.
The CBN has urged Nigerians to take advantage of this opportunity to deposit their old notes and obtain new ones.
The old N200, N500 and N1000 naira notes are no longer legal currencies in Nigeria since February 10, 2023, the Central Bank of Nigeria (CBN) has...
As scarcity of naira notes worsens across the country following the cash redesign and swap policies of the Central Bank of Nigeria (CBN), governors of the...
The Nigerian Security Printing and Minting Company Plc (NSPMC) has assured Nigerians that it is capable of continuously producing the redesigned naira notes. The company in...
The value of mobile transactions also jumped by 124.85% to N2.37tn from N1.05tn in January 2022.
Mobile transfers increased by 125% compared to the same period the previous year.
The National Security Adviser has said that the recent policies introduced by the Central Bank of Nigeria (CBN) will make it difficult to pay officers on...
Despite the uncertainty surrounding the scarcity of the Nigerian Naira, the Nigeria Deposit Insurance Corporation (NDIC) has assured the Central Bank of Nigeria (CBN) that depositors...
Other alternative transaction methods Nigerians have been adopting included USSD, internet banking, mobile app banking, Point of Sales (POS), e-wallet among other electronic channels of transactions.