Economy
Scarcity of New Naira Notes Worries Nigerians as Deadline Draws Closer
By Dipo Olowookere
Some Nigerians have expressed serious concerns over the scarcity of the new Naira notes in circulation, also a month after the banks were allowed to make them available to their customers officially.
On October 26, 2022, the Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, at a special press briefing, announced that the bank would redesign the N200, N500, and N1,000 banknotes.
According to him, the move was to control the amount of cash in circulation as the central bank had observed that more than 80 per cent of the money in circulation was not in the banking vaults.
On November 23, 2022, President Muhammadu Buhari unveiled the new notes, and on December 15, 2022, they became available for Nigerians through the banks.
During his chat with newsmen last October, Mr Emefiele said the old banknotes would remain valid until after January 31, 2023.
His announcement was met with mixed feelings, with some asking the central bank to extend the deadline for the mopping up of the old Naira notes from the system as it was too short.
But the CBN has maintained that it would not extend the date from January 31, 2023.
About two weeks ago, Business Post reported that Automated Teller Machines (ATMs) of most commercial banks in the country were still dispensing old notes to customers.
Also, bank customers were still being given the old Naira denominations from over-the-counter (OTC) due to the scarcity of the new notes.
In the report, a staff of one of the commercial banks, who asked for anonymity, said they were instructed to ration the notes, while another bank representative confirmed that the new notes are “being rationed” because the CBN has not provided sufficient amounts to banks.
With about three weeks to the deadline for the old notes to cease to be legal tender in Nigeria, some Nigerians, especially POS operators, are raising concerns about the scarcity of the new notes.
One of the operators, who identified herself as Mrs Shakirat Adediran, said she does not know what step to take as the deadline draws closer.
She also informed this reporter that some of her customers reject the new notes whenever she pays them with them.
“I am really confused about what to do. I intend to stop accepting the old notes from the last week of the deadline and take them to the bank. I do not want to be caught unawares.
“Also, the problem is when we go to banks to get cash, we are given the old notes. Before now, they used to ration it, but this has stopped. They pay us in old notes.
“Even our customers reject the new notes when we give them. They complain that the money looks fake. Even the educated ones do not want to collect the redesigned Naira,” Mrs Adediran, who operates her business in Lagos, told Business Post.
This view was also echoed by a bank customer in Lagos, who identified himself as Mr Sunday Okoro. He disclosed that the new notes are very scarce.
“With the way these new Naira notes are scarce in circulation, I foresee the CBN extending the deadline. The time it gave to mop up the old notes is just too short,” Mr Okoro told this reporter.
An operator of a nails shop in the Ipaja area of Lagos, Ms Bisi Tajudeen, said “I only saw the new N1,000 note during the festive period. I am yet to see what the N200 and N500 denominations look like. The money is very scarce, and I wonder how the CBN intends to address this issue, except it wants to put many Nigerians into trouble by making their money useless after January 31 if the deadline is not extended.”
By Adedapo Adesanya
The Naira, in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Thursday, April 3, further appreciated against the United States Dollar by N4.52 or 0.33 per cent to N1,374.94/$1 from N1,379.46/$1.
Equally, the domestic currency gained against the Pound Sterling in the official market by N3.34 during the session to close at N1,858.24/£1 compared to the previous rate of N1,861.58/£1, and against the Euro, it improved by N5.29 to sell at N1,607.58/€1 versus N1,612.87/€1.
At the GTBank FX counter, the Nigerian Naira gained N4 against the Dollar to settle at N1,384/$1 versus Wednesday’s closing price of N1,389/$1, and at the parallel market, it improved by N5 to trade at N1,385/$1 compared with the N1,390/$1 it was transacted a day earlier.
Nigeria’s external reserves, which provide the Central Bank of Nigeria (CBN) with a buffer to support the Naira, continued their downward trend, declining to $48.36 billion as of April 29, 2026, according to data.
Market activity weakened sharply, with the NAFEM recording zero deals on Thursday, down from 393 deals on Wednesday. Total turnover in the official window also dropped from $802.44 million to zero, underscoring a severe liquidity squeeze.
Thursday’s price formation was driven entirely by the interbank segment, where turnover also fell significantly to $58.03 million from $249.91 million, suggesting that liquidity pressures extended across the broader FX market.
As for the cryptocurrency market, prices were up amid looming US inflation data, while high oil prices and rising bond yields weigh on risk assets.
The appreciation faces headwinds in the form of US March PCE inflation, which lands as oil prices keep pressure on risk assets, as well as reduced traffic through the Strait of Hormuz, which has kept energy markets fragile.
Dogecoin (DOGE) rose by 1.8 per cent to trade at $0.1082, Bitcoin (BTC) appreciated to $76,987.59, Ethereum (ETH) grew by 1.2 per cent to $2,276.11, Cardano (ADA) added 1.1 per cent to close at $0.2484, and Solana (SOL) soared by 1.1 per cent to $83.89.
Further, TRON (TRX) increased by 0.7 per cent to $0.3224, Ripple (XRP) jumped 0.4 per cent to $1.37, and Binance Coin (BNB) expanded by 0.2 per cent to $616.67, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
By Dipo Olowookere
A further 2.14 per cent leap was recorded by the Nigerian Exchange (NGX) Limited on Thursday, the last trading session of April 2026.
This was supported by strong buying pressure despite selling pressure in the consumer goods and insurance sectors, which lost 0.14 per cent and 0.07 per cent, respectively.
It was observed that the energy index went up by 4.78 per cent, the industrial goods space appreciated by 4.13 per cent, and the banking segment rose by 0.52 per cent.
As a result, the All-Share Index (ASI) gained 5,072.22 points to settle at 242,277.81 points versus the 237,205.59 points on Wednesday, and the market capitalisation jumped N3.266 trillion to N155.994 trillion from N152.728 trillion.
FTN Cocoa, BUA Cement, CAP, UAC Nigeria, and Zichis soared by 10.00 per cent each to quote at N5.50, N418.00, N145.20, N181.50, and N21.78, respectively.
On the flip side, Aluminium Extrusion lost 9.95 per cent to trade at N9.50, Royal Exchange declined by 9.93 per cent to N1.36, Legend Internet slipped by 9.32 per cent to N5.35, Austin Laz dropped 9.12 per cent to N3.39, and Neimeth went down by 7.26 per cent to N8.30.
Business Post reports that there were 46 price gainers and 41 price losers on Customs Street during the session, implying a positive market breadth index and strong investor sentiment.
A total of 1.9 billion shares valued at N104.3 billion were traded in 92,353 deals yesterday compared with the 1.3 billion shares worth N69.1 billion transacted in 83,445 deals at midweek, indicating a surge in the trading volume, value, and number of deals by 46.15 per cent, 50.94 per cent, and 10.68 per cent, respectively.
At the close of business, Access Holdings led the activity chart with 935.0 million units sold for N24.3 billion, Lasaco Assurance traded 90.2 million units valued at N175.2 million, UBA exchanged 89.0 million units worth N3.9 billion, Wema Bank transacted 68.4 million units worth N2.4 billion, and GTCO sold 54.7 million units valued at N7.4 billion.
By Adedapo Adesanya
Crude oil fell below $115 after hitting a four-year high of more than $126 a barrel earlier on Thursday on concerns the US-Iran war could disrupt the wider global economy.
Data showed that Brent crude futures lost $4.02 or 3.41 per cent to trade at $114.01 per barrel, and the US West Texas Intermediate (WTI) crude futures gave up $1.81 or 1.69 per cent to trade at $105.07 per barrel.
According to market analysts, the drop in prices from intraday highs did not have an obvious catalyst and did not look related to a specific development, but reflected the heightened volatility in the market since the Iran war started.
Others noted the retreat in US Dollar strength on Thursday also put downward pressure on oil.
Japan’s Yen surged 3 per cent, the most in a day in over three years, on Thursday, following stark warnings from Japanese officials that intervention to prop up the currency, as well as action in other markets, including energy, could be imminent.
The jump in the Japanese currency puts the US currency down, on track for its biggest one-day drop against the Yen since last August.
US President Donald Trump is slated to receive a briefing on plans for a series of fresh military strikes on Iran to compel it to negotiate an end to the conflict.
Iran said it would respond with “long and painful strikes” on US positions if the US renewed attacks, and also reasserted its control over the Strait of Hormuz.
This complicates US plans for a coalition to reopen the waterway, which accounts for about 20 per cent of crude and Liquified Natural Gas (LNG) flows.
Since the US-Israeli attack on Iran began on February 28, the price of Brent and WTI has risen by around 90 per cent due to the effective closure of the strait.
The oil price gains risk a renewed spike in global inflation and higher pump prices across the world. Oil, gas, and their refined byproducts are critical for fuelling cars, trucks and planes, powering homes and industry and producing plastics and fertilisers.
President Trump called a ceasefire in the war earlier this month, but also imposed a US blockade on Iranian ports.
Talks to resolve the conflict, which has killed thousands and caused what the International Energy Agency (EIA) says is the world’s biggest oil disruption ever, have deadlocked.
Traders worry as the US insists on discussing Iran’s alleged nuclear weapons programme and Iran demands some control over the strait and reparations for damage from the war.
The United Arab Emirates (UAE) said on Tuesday it would exit the Organisation of Petroleum Exporting Countries (OPEC) after nearly 60 years as a member.
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