Businesses Stall, Nigerians in a Lurch as Currency Redesign, Cash Swap go Awry 

Businesses Stall, Nigerians in a Lurch as Currency Redesign, Cash Swap go Awry 

Author: Africa Business Radio February 6, 2023 Duration: 33:12
A supposedly harmless currency redesign policy for the Nigerian naira resulting in a cash swap program implemented by the Central Bank of Nigeria turned into a full-blown crisis that came to a head in the last seven days as scarcity and persistent difficulties in accessing the new notes led to disruptions in business and economic activities and the daily lives of Nigerians held captive by a policy the CBN assured would mop up illicit naira notes and promote a cashless economy.
The climax of the tension became apparent as the initial deadline of January 31, 2023, for people to turn in their old notes drew closer before the apex bank announced an extension of 10 days to allow Nigerians more time to change their old notes for the new designs.

Tune into News Express from Africa Business Radio for a clear-eyed look at the forces shaping Nigeria's economy. This isn't just headline scanning; it's a dedicated exploration of the financial sector and markets, delivered with a focus you won't find elsewhere. We go beyond the surface noise of daily news to provide context and analysis, yet avoid the narrow jargon that can make trade publications inaccessible. Each episode distills the essential conversations happening right now in boardrooms and on trading floors. You'll hear informed discussions pinpointing what matters for pivotal areas like Investment Banking, Trading, Technology, and Fund Management, while also tracking movements in Alternatives, Commodities, and major Companies. For anyone with a stake in the region's business landscape, this podcast serves as a vital briefing, connecting the dots between sectors to offer a comprehensive, nuanced picture. News Express is your source for understanding not just what is happening, but why it matters for the future of African commerce.
Author: Language: English Episodes: 100

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