Browsing: Naira shortage

• 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 …