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Nigeria’s consumers, stung by the sharp bite of inflation, are turning to banks with record frequency, sending loan demand to its highest level in nearly four years. Official data from the Central Bank of Nigeria (CBN) reveals a dramatic surge in borrowing, fueled by shrinking incomes and the struggle to make ends meet. Consumer credit […]
With Christmas just five days away, the Nigeria Labour Congress (NLC) is sounding the alarm over the persistent cash scarcity gripping the nation. In a fiery statement by President Joe Ajaero, the NLC warns of “serious implications” for citizens and demands immediate action from the government and the Central Bank of Nigeria (CBN). Bank customers […]
Point of Sale (PoS) operators are feeling the pinch of a nationwide cash shortage, forced to buy cash at inflated rates from traders due to limited withdrawals from banks. This scramble for cash is shrinking their businesses, raising concerns about the broader impact on the Nigerian economy. Banks across the country have been grappling with […]
Nigeria’s Point of Sale (PoS) operators are facing a new challenge: a severe shortage of naira cash at banks. This has forced them to return to buying cash from traders and petrol station attendants, often at inflated prices. As a consequence, PoS operators have been compelled to increase their transaction charges by 100%, charging up […]
Mergers and acquisitions loom as Nigeria’s Deposit Money Banks brace for another round of recapitalization in line with the country’s $1 trillion economy target. Last week, the Central Bank of Nigeria Governor, Olayemi Cardoso, in his speech at the 50th-anniversary dinner of the Chartered Institute of Bankers of Nigeria, CIBN, in Lagos, announced plans to recapitalize […]
The Central Bank of Nigeria has announced its intention to extend the validity of the old N200, N500, and N1,000 notes indefinitely. This is as the apex bank declared its desire to extend the validity of old naira notes beyond any expiry date. According to the bank, it is working with the relevant authorities to […]
Nigeria’s Central Bank of Nigeria (CBN) has introduced the e-Naira, a digital currency, to its residents. A Stakeholders’ Consultative Forum, organized by Jordan 105.5 FM in collaboration with the Lagos Island-East Local Council Development Area (LCDA) and the CBN, aimed to sensitize Lagos residents on the importance of adopting the e-Naira in the digital economy. […]
