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    Nigeria loses three million oil barrels monthly – FG

    Reps invite ministers, firms over $2.4bn oil sale

    Global banking stocks dip over Silicon Valley Bank collapse

    Stock market capitalisation declines by N622bn

    Stock investors record N13bn loss in one week

    Airfares soar as foreign airlines hike exchange rate

    Airfares soar as foreign airlines hike exchange rate

    Currency in circulation drops to N1.38tn – CBN

    Banks confirm receiving more cash, load ATMs

    Petrol may hit N800/litre on subsidy removal – Marketers

    Fossil fuels and role of technology in energy transition

    Workers draw battle line over lingering naira scarcity

    Workers draw battle line over lingering naira scarcity

    ainment Business Politics City Beats Opinion Sports About us Advert Rates Insurance penetration to decline as 9,000 agents battle licence renewal

    ainment Business Politics City Beats Opinion Sports About us Advert Rates Insurance penetration to decline as 9,000 agents battle licence renewal

    Banks not receiving new Naira notes

    Banks not receiving new Naira notes

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      Nigeria loses three million oil barrels monthly – FG

      Reps invite ministers, firms over $2.4bn oil sale

      Global banking stocks dip over Silicon Valley Bank collapse

      Stock market capitalisation declines by N622bn

      Stock investors record N13bn loss in one week

      Airfares soar as foreign airlines hike exchange rate

      Airfares soar as foreign airlines hike exchange rate

      Currency in circulation drops to N1.38tn – CBN

      Banks confirm receiving more cash, load ATMs

      Petrol may hit N800/litre on subsidy removal – Marketers

      Fossil fuels and role of technology in energy transition

      Workers draw battle line over lingering naira scarcity

      Workers draw battle line over lingering naira scarcity

      ainment Business Politics City Beats Opinion Sports About us Advert Rates Insurance penetration to decline as 9,000 agents battle licence renewal

      ainment Business Politics City Beats Opinion Sports About us Advert Rates Insurance penetration to decline as 9,000 agents battle licence renewal

      Banks not receiving new Naira notes

      Banks not receiving new Naira notes

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        Nigeria loses three million oil barrels monthly – FG

        Reps invite ministers, firms over $2.4bn oil sale

        Global banking stocks dip over Silicon Valley Bank collapse

        Stock market capitalisation declines by N622bn

        Stock investors record N13bn loss in one week

        Airfares soar as foreign airlines hike exchange rate

        Airfares soar as foreign airlines hike exchange rate

        Currency in circulation drops to N1.38tn – CBN

        Banks confirm receiving more cash, load ATMs

        Petrol may hit N800/litre on subsidy removal – Marketers

        Fossil fuels and role of technology in energy transition

        Workers draw battle line over lingering naira scarcity

        Workers draw battle line over lingering naira scarcity

        ainment Business Politics City Beats Opinion Sports About us Advert Rates Insurance penetration to decline as 9,000 agents battle licence renewal

        ainment Business Politics City Beats Opinion Sports About us Advert Rates Insurance penetration to decline as 9,000 agents battle licence renewal

        Banks not receiving new Naira notes

        Banks not receiving new Naira notes

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          Nigeria loses three million oil barrels monthly – FG

          Reps invite ministers, firms over $2.4bn oil sale

          Global banking stocks dip over Silicon Valley Bank collapse

          Stock market capitalisation declines by N622bn

          Stock investors record N13bn loss in one week

          Airfares soar as foreign airlines hike exchange rate

          Airfares soar as foreign airlines hike exchange rate

          Currency in circulation drops to N1.38tn – CBN

          Banks confirm receiving more cash, load ATMs

          Petrol may hit N800/litre on subsidy removal – Marketers

          Fossil fuels and role of technology in energy transition

          Workers draw battle line over lingering naira scarcity

          Workers draw battle line over lingering naira scarcity

          ainment Business Politics City Beats Opinion Sports About us Advert Rates Insurance penetration to decline as 9,000 agents battle licence renewal

          ainment Business Politics City Beats Opinion Sports About us Advert Rates Insurance penetration to decline as 9,000 agents battle licence renewal

          Banks not receiving new Naira notes

          Banks not receiving new Naira notes

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            Nigeria loses three million oil barrels monthly – FG

            Reps invite ministers, firms over $2.4bn oil sale

            Global banking stocks dip over Silicon Valley Bank collapse

            Stock market capitalisation declines by N622bn

            Stock investors record N13bn loss in one week

            Airfares soar as foreign airlines hike exchange rate

            Airfares soar as foreign airlines hike exchange rate

            Currency in circulation drops to N1.38tn – CBN

            Banks confirm receiving more cash, load ATMs

            Petrol may hit N800/litre on subsidy removal – Marketers

            Fossil fuels and role of technology in energy transition

            Workers draw battle line over lingering naira scarcity

            Workers draw battle line over lingering naira scarcity

            ainment Business Politics City Beats Opinion Sports About us Advert Rates Insurance penetration to decline as 9,000 agents battle licence renewal

            ainment Business Politics City Beats Opinion Sports About us Advert Rates Insurance penetration to decline as 9,000 agents battle licence renewal

            Banks not receiving new Naira notes

            Banks not receiving new Naira notes

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              Nigeria loses three million oil barrels monthly – FG

              Reps invite ministers, firms over $2.4bn oil sale

              Global banking stocks dip over Silicon Valley Bank collapse

              Stock market capitalisation declines by N622bn

              Stock investors record N13bn loss in one week

              Airfares soar as foreign airlines hike exchange rate

              Airfares soar as foreign airlines hike exchange rate

              Currency in circulation drops to N1.38tn – CBN

              Banks confirm receiving more cash, load ATMs

              Petrol may hit N800/litre on subsidy removal – Marketers

              Fossil fuels and role of technology in energy transition

              Workers draw battle line over lingering naira scarcity

              Workers draw battle line over lingering naira scarcity

              ainment Business Politics City Beats Opinion Sports About us Advert Rates Insurance penetration to decline as 9,000 agents battle licence renewal

              ainment Business Politics City Beats Opinion Sports About us Advert Rates Insurance penetration to decline as 9,000 agents battle licence renewal

              Banks not receiving new Naira notes

              Banks not receiving new Naira notes

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                Nigeria loses three million oil barrels monthly – FG

                Reps invite ministers, firms over $2.4bn oil sale

                Global banking stocks dip over Silicon Valley Bank collapse

                Stock market capitalisation declines by N622bn

                Stock investors record N13bn loss in one week

                Airfares soar as foreign airlines hike exchange rate

                Airfares soar as foreign airlines hike exchange rate

                Currency in circulation drops to N1.38tn – CBN

                Banks confirm receiving more cash, load ATMs

                Petrol may hit N800/litre on subsidy removal – Marketers

                Fossil fuels and role of technology in energy transition

                Workers draw battle line over lingering naira scarcity

                Workers draw battle line over lingering naira scarcity

                ainment Business Politics City Beats Opinion Sports About us Advert Rates Insurance penetration to decline as 9,000 agents battle licence renewal

                ainment Business Politics City Beats Opinion Sports About us Advert Rates Insurance penetration to decline as 9,000 agents battle licence renewal

                Banks not receiving new Naira notes

                Banks not receiving new Naira notes

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                  Nigeria loses three million oil barrels monthly – FG

                  Reps invite ministers, firms over $2.4bn oil sale

                  Global banking stocks dip over Silicon Valley Bank collapse

                  Stock market capitalisation declines by N622bn

                  Stock investors record N13bn loss in one week

                  Airfares soar as foreign airlines hike exchange rate

                  Airfares soar as foreign airlines hike exchange rate

                  Currency in circulation drops to N1.38tn – CBN

                  Banks confirm receiving more cash, load ATMs

                  Petrol may hit N800/litre on subsidy removal – Marketers

                  Fossil fuels and role of technology in energy transition

                  Workers draw battle line over lingering naira scarcity

                  Workers draw battle line over lingering naira scarcity

                  ainment Business Politics City Beats Opinion Sports About us Advert Rates Insurance penetration to decline as 9,000 agents battle licence renewal

                  ainment Business Politics City Beats Opinion Sports About us Advert Rates Insurance penetration to decline as 9,000 agents battle licence renewal

                  Banks not receiving new Naira notes

                  Banks not receiving new Naira notes

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                  Economy loses N20tn on CBN’s 70% cash mop-up – Report

                  Punch | March 13, 2023
                  Economy loses N20tn on CBN’s 70% cash mop-up – Report
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                  Nigeria’s economy is grinding to a halt and has lost about N20tn following the over 70 per cent mop-up of cash by the Federal Government through the Central Bank of Nigeria, a new report by an economic think tank, Centre for the Promotion of Private Enterprise said on Sunday.

                  It said the protracted acute cash scarcity had not only crippled economic activities across the country, but was now a major risk to the livelihoods of most Nigerians.

                  “Millions of citizens have slipped into penury and destitution as a result of the disruptions and tribulations perpetrated by the currency redesign policy, especially the mopping up of over 70 per cent of cash in the economy,” the Director, CPPE, Dr. Muda Yusuf, stated, while reacting to the currency redesign policy.

                  Calling for an urgent intervention by the President, Major General Muhammadu Buhari (retd.), he stressed that “Nigerians have not been this traumatised in recent history.”

                  Yusuf added, “The economy is gradually grinding to a halt because of the collapse of payment systems across all platforms. Digital platforms are performing sub-optimally because of congestion; physical cash is unavailable because the CBN has sucked away over 70 per cent of cash in the economy; and the expected relief from the Supreme Court judgement has not materialised.

                  “The citizens are consequently left in a quandary. The banks claimed that the CBN has not officially communicated the Supreme Court judgment to them for any actions.

                  “The President has maintained a worrying muteness on the judgment; the market women and men are waiting to hear from President Buhari or the CBN governor on the legal tender status of old currency notes.”

                  The CPPE boss noted that curiously, there was an apparent reluctance or unwillingness by the Federal Government and the CBN to comply with the Supreme Court judgment, describing this as very disturbing and inexplicable.

                  “Meanwhile, Nigerians continue to groan in the adversity inflicted by the acute cash shortage amid rejection of old currency notes by market operators, refusal by banks to accept the old notes, silence by the Presidency on the Supreme Court judgement; and absence of official pronouncement by the CBN on the issue,” Yusuf stated.

                  He pointed out retail transactions across sectors had become nerve-wracking and distressing as payment system challenges persisted.

                  “Since the onset of the cash crisis, the Nigerian economy has lost an estimated N20tn. These losses arose from the deceleration of economic activities, crippling of trading activities, stifling of the informal economy, contraction in the agricultural sector and the paralysis of the rural economy. There are also corresponding job losses in the hundreds of thousands.”

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