During the first quarter of 2023, Nigerians experienced cash circulation shortages due to the naira redesign policy. This policy negatively impacted several informal sector businesses, such as local retail shops, artisans, and commercial bus drivers.
Trading activities for small-scale manufacturers were also affected. The impacts of the naira redesign policy show a need to revive the cashless policy for small businesses to address cash scarcity. Promoting strategic monetary approaches that complement the naira redesign policy will boost free trade in Nigeria.
The rejection of old notes by banks, motorists, and other traders caused significant challenges for Nigeria’s informal economy. Also, the country’s high percentage of unbanked individuals underscores financial inclusion. For instance, people living in remote areas without bank branches rely on point of sale agents with limited access to the new naira…..
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