Nigerian naira dropped too low on the parallel market as the Central Bank of Nigeria struggled to support corporate and individual demand for the greenback due to falling reserves and dollar inflows from 11 Oct 2023
Nigerian Naira Continues to Fall as Reserves and Inflows Fall also.
Some argue that the naira’s depreciation is being pushed by new demands, such as the Central Bank of Nigeria’s (CBN) recent increase in import costs on 43 previously forbidden commodities.
Some residents in Lagos Abuja, Kano, Jigawa, and some other parts of the Country express their concerns over their inability to withdraw cash from their banks hoping there should not be cash scarcity as the naira falls day by day .
Last week the apex bank assures that both the old and new notes remain legal tender and urged Nigeria to continue their transactions.
He had added that branches of the CBN a cross the country to circulate money to banks for their customers to use.
However traders complains that they are stranded from getting more money from their banks to buy commodities POS Operators also confirms shortage of cash too.
People complains about commodities getting higher day by day
Morenikeji Adedayo is a journalist and contributor to Freelanews.com, covering news, business, and public affairs.
