Nigeria is currently facing one of the toughest financial struggles in recent times — the introduction of the new Naira notes and the cash scarcity crisis. What was meant to strengthen the economy and reduce corruption has, unfortunately, brought hardship to millions of Nigerians. From traders in local markets to big business owners, everyone is feeling the heat. This article explains why the new Naira notes were introduced, the problems Nigerians are facing due to the scarcity, and how people are coping with the situation. Why the New Naira Notes Were Introduced In late 2022, the Central Bank of Nigeria (CBN) announced the redesign of three major currency denominations: ₦200, ₦500, and ₦1,000 notes. The main reasons given were: Curbing Inflation and Corruption – The government believed redesigning the currency would reduce money laundering and discourage hoarding of cash. Encouraging Cashless Policy – The policy was also aimed at promoting electronic banking and dig...
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