The Central Bank of Nigeria (CBN), has confirmed the evacuation of banknotes from its vaults to commercial banks across the country.

The exchange rate between the naira and the US Dollar appreciated on Friday, 24th March 2023.

Nigeria’s currency in circulation fell to a record low of N982 billion in February 2022 down from N1.39 trillion recorded in January 2023.

Kingsley Moghalu said the cashless policy was introduced by the CBN's Committee of Governors to encourage digital transactions and not to abolish cash transactions

Here is an analysis of some of the gainers and losers of cash scarcity across the country, based on findings by Nairametrics

The exchange rate between the naira and dollar sold for as high as N551/$1 on the official spot rate of the Investor and Exporter window of the FMDQ.

The Nigerian Poultry industry lost more 15 million crates of eggs valued at over N30 billion due to the adverse effects of naira scarcity challenge in the country. 

Nigeria’s 3.2% GDP growth projection stands threatened by recent economic and political developments around the country

Nigeria has experienced a rise in forex trading over the past several years, much like many other nations around the world.

For the commodities market, we should look first at the impact on a physical trade level, and one effect that we have seen is a drop in prices of commodities by farmers by as much as 30% in some locations as they prize survival and a need for cash above profit. 

Some market operators have said that companies might see declines in their first quarter 2023 earnings due to CBN's naira redesign policy.

The recent cash shortages in Nigeria have led to an increasing number of Nigerians turning to these MFBs for their banking needs, but experts are urging caution about the need for regulation and transparency to ensure the safeguarding of customer deposits, as this should be the utmost priority of the central bank.

Whilst the latest statement from the FG and CBN is a welcome development, it may not be enough to reduce the cash scarcity currently being experienced by Nigerians.

The Central Bank of Nigeria has finally broken its silence on the controversy over the naira redesign policy as it said that the old N200, N500, N1,000 bank notes remain legal tender till December 31, 2023.

Presidency Responds to Supreme Court order on old Currency notes but omits directives to CBN leaving Nigerians more confused.

The situation has also generated frustration and confusion among Nigerians, with many calling on the government to provide clarity on the matter.

The Ekiti State government said it would arrest and prosecute traders and service providers who reject the old N500 and N1000 denominations. 

Nigeria's external reserves have fallen to their lowest level in a year, raising concerns about the country's ability to weather external shocks and maintain economic stability.

The Naira encountered new challenges across the main FX market segments as the dollar touched a new 13-week high due to the hawkish U.S.

CBN Non-Compliant with Supreme Court Ruling on Old Naira Notes Due to Delay in Obtaining Certified True Copy (CTC) of Judgment

Long ATM queues remained across Lagos 72 hours after the Supreme Court decision reversing the apex bank’s new naira note introduction.

The CPPE has proposed an economic agenda for the incoming administration of Bola Ahmed Tinubu, including the need to eliminate foreign exchange subsidy

The latest supreme court ruling reversing the central bank deadline for using the old N1000, N500, and N200 notes as legal tender may not apply to the central bank's cash withdrawal limits. 

Nigeria’s central bank is yet to respond to the latest Supreme Court ruling extending the validity of the old naira notes till December 2023.

This is how experts are reacting to today's ruling by the Supreme Court of Nigeria extending use of old naira notes

The Supreme Court on Friday ordered that old N200, N500, and N1,000 notes remain in circulation till December 31, 2023.

The world awaits more details on what President-elect Bola Ahmed Tinubu will do to address Nigeria’s forex quagmire

Black market FX traders have expressed their frustration over the recent cash scarcity crisis across the country

The Supreme Court on Wednesday adjourned the case instituted by the state governments against the Federal Government challenging the implementation of the naira redesign policy to March 3, 2023. 

The Central Bank of Nigeria (CBN) has reacted to reports that President Muhammadu Buhari authorized the reissuance of old N500 and N1000 notes.