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CBN News Update On Naira Notes Today Monday 15th May 2023

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CBN News Update On Naira Notes Today 19th February 2023

Latest CBN news update on New Naira Notes today, Monday 15th May 2023, can be accessed below.

Following the controversy associated with the new naira notes rages on, News Rain Nigeria brings you the latest update from Central Bank of Nigeria (CBN) on naira notes.

This means the latest updates on the Naira crisis in Nigeria can be accessed on this page.

Below are the latest CBN news update on new Naira notes today

Farmers lament massive losses as naira scarcity keeps buyers away

Daramola Toluwalope, a poultry farmer based in Agege, Lagos State, early this year looked forward to taking her business to the next level. She was not frivolous about it. She had her plans perfectly laid out and looked forward to having a healthy balance sheet at the end of the year.

Shortly after the Menitos Deport Farms CEO started executing her plans, the challenge of naira scarcity occasioned by the CBN naira redesigning policy crept in and shattered her plans.

“The cash scarcity shut down our production. I cannot afford to produce. Where am I going to get funds from, especially with no sales? Chickens will not want to hear wait till tomorrow. They want to eat now. Knowing that I can’t sustain their feeding, I had to stop production,” she said as she vociferously decried the apex bank’s policy that has crippled many startups.

“We normally get credit facilities from the feed suppliers. When the cash scarcity problem started, many of them withdrew the credit facilities and started insisting that we must pay to pick up the feeds.

“A good number of the electronic transfers that were done to them did not go. When we finished the batch we had taken from them, we just stopped production completely.

“We don’t produce anymore. We only managed to finish the birds we had and that was basically at a loss,” she said.

She noted that it was not easy selling the ones “we processed because people were managing their money. A client that was buying a carton reduced it to half of a carton.

“There was a food vendor who used to patronise us. She stopped using chicken because the price went as high as N2,500 per kg.

“Now, when we process chicken, all the accessories like the legs, the neck will go, but people will not buy the full chicken. We can’t say that we are not selling but the sales are nothing like before.”

Following the unexpected setback, she said she has had to go back to the business of web designing.

New Naira Notes Scarcity: CBN May Phase Out Newly Redesigned Notes

There is a growing belief among Nigerians that the Central Bank of Nigeria is gradually removing the recently redesigned banknotes from circulation. This belief has been fueled by the scarcity of the new notes at ATMs and banks. Bankers have also expressed surprise at the scarcity, suggesting that it may be due to a shortage of notes.

Many are speculating that the Central Bank of Nigeria (CBN) may be reconsidering its poorly executed naira redesign policy due to the scarcity of new notes both at ATMs and over the counter.

As the circulation of new naira notes steadily declined, Nigerians were left to engage in wild speculation, as evidenced by the Credit: Maurice Greene photograph sourced from Getty Images. This decline in circulation began after the apex bank had to withdraw its plans to replace old notes, due to a Supreme Court order invalidating the withdrawal.

Many believe that due to the pressure on the CBN to ease the cash crunch, which nearly crippled the economy between February and early March this year, it has decided against reprinting the new notes.

Nigerian Breweries Seeks N25bn Cash via Commercial Papers as Naira Scarcity Hits Sales

Nigerian Breweries has quoted N25 billion worth of commercial papers to boost its operations. The move comes as naira scarcity affected company sales in the first quarter of 2023

Despite the challenges, Nigerian Breweries remains committed to its operations in Nigeria and optimistic about the future of the Nigerian market.

Popular loan apps included in FG’s updated list of banks, digital money lenders

About 173 companies have been added to the list of approved loan apps and digital money lenders by the Federal Competition and Consumer Protection Commission (FCCPC). This new list was released in compliance with the FCCPC’s March 27, 2023 deadline for registration of these companies.

Over 100 apps receive FG’s approval

About 119 of the companies received full approval, and 54 got conditional approval pending when they fulfil other terms and conditions set by the Commission, a Nairametrics report said.

After issuing updates on loan apps in Nigeria, Google will delist the unregistered apps from its play store, asking them to provide approval certification from FCCPC or face removal.

Google had slated January 31, 2023, as the deadline for the apps’ removal before moving it to March 27.

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