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Nigeria's Cash Crunch Returns: Unraveling the Causes and Consequences 🇳🇬

Nigeria's Cash Crunch Returns: Unraveling the Causes and Consequences 🇳🇬

#economy
#fintech
#economics and country risk
Amid scenes of frustrated customers at ATMs and cash-strapped businesses, Nigeria grapples with a resurgence of a cash crunch, triggering chaos reminiscent of the earlier currency redesign woes. But what's driving this latest financial turmoil, and who bears the blame?

Nigeria finds itself in the throes of another cash crunch, with limited daily withdrawals and frustrated customers facing prolonged ATM queues. The Central Bank and commercial banks engage in a blame game, with individuals accused of panic withdrawals. Insiders suspect hoarding and uncertainties about the fate of old notes as potential causes. As queues grow, some Nigerians avoid POS transactions due to high commissions, exacerbating the challenges for businesses and consumers alike.


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