Browsing: economic implications of eNaira

Nigerian-election
  • At the beginning of February, Nigerians started complaining that commercial banks could not supply individuals with Nigeria’s physical fiat currency.
  • The currency situation in Nigeria escalated to an all out crisis this week when an impending deadline for the ban of the use of old notes.
  • The Supreme Court on Wednesday, suspended the deadline to ease the tension that has been building up exacerbated by heated campaigns and a looming fuel crisis. 

In the middle of intense campaigns that will see three main presidential candidates battle it out in Nigeria’s 2023 election, the country is experiencing a shortage of the new Naira notes that threatens to take centre-stage before the West African nation goes to the polls from 25 February.

All Progress Party (APC) candidate Bola Tinibu, People’s Democratic Party (PDP) Atiku Abubakar and outsider Peter Obi of Labour Party are considered the front runners to take over from outgoing

Binance says the 281 accounts banned in Nigeria will be resolved in two weeks. www.theexchange.africa

Recently, many Nigerians trading on the Binance platform complained about initiating or completing transactions.

Some of the affected persons have taken to social media calling out crypto for “targeting Africans, especially Nigerians”, as their accounts have been suspended for reasons oblivious to them.

Some users say that they have been told to contact the Federal Bureau of Investigation (FBI) and New York Police Department to resolve transactions issues, a situation they claim to be absurd.…