• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Monday, August 4, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Naira Crisis: Business Owners Count Losses As Failed e-Transactions Soar

by Leadership News
2 years ago
in Business
Naira Crisis
Share on WhatsAppShare on FacebookShare on XTelegram

Business owners in the federal capital territory (FCT) say they are suffering losses as a result of the rise in failed electronic banking transactions.

Advertisement

In separate interviews with NAN yesterday, they commended the cashless policy of the Central Bank of Nigeria (CBN) but lamented that its timing was taking a toll on businesses.

They said the rise in poor network connections and declined transactions was making them lose a lot of customers and money.

They said the apex bank ought to have collaborated with relevant agencies to improve on existing internet infrastructure that would accommodate heavy traffic before implementing the policy.

They added that the naira shortage was affecting a lot of businesses that are trying to pick up after the huge setback caused by the COVID-19 pandemic and recession.

RELATED

Mixed Performance On Equities Expected This Week

Earnings Optimism Triggers N4.32trn Equities Gain In 5 Days

15 hours ago
Cadbury Nigeria Records N55bn Revenue In 2022

Cadbury Nigeria Records N14.54bn Pre-tax Profit In H1

15 hours ago

The entrepreneurs said unless something urgent was done to ameliorate the situation, businesses would begin to fold up.

Chiamaka Eze, a seller of beverages, said she made only few sales at the weekend, adding that most customers left after several attempts to make cash transfers failed.

Also speaking, Judith Uzo, a cloth seller, said there is a need for government to work on the infrastructure that would accommodate the number of people using electronic channels.

A shoe seller at Wuse Market also said that he did not make many sales at the weekend because only few customers were able to make online transfers.

He said it was important for the CBN to make naira notes available to enable customers pay with cash.

Meanwhile, a customer simply identified as Henry said he could not purchase all the items he budgeted for at the Wuse market.

He said he had made several transfers but they didn’t go through.

He said he had been inundated with calls from two business operators for transactions he made at the weekend.

“Something urgent needs to be done by CBN about the situation because it is bringing distrust, losses and in some cases double payment for transactions that one had been debited for,” Henry said

“It is a serious matter that deserves the needed attention from relevant authorities because I see no reason why anybody should lose his or her hard earned money to failed transactions.”

He said the rise in failed transactions had equally crashed prices of goods in the market, particularly perishable goods.

President Muhammadu Buhari recently announced the extension of the validity of old N200 notes till April 10.

He also directed the CBN to recirculate the old N200 notes to ease the ongoing cash crunch.

A few hours after the directive, Godwin Emefiele, CBN governor, met with 15 heads of commercial banks on the matter and assured Nigerians that the old N200 notes will be made available immediately.


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel




Tags: Naira Crisis
SendShareTweetShare
Previous Post

CBN Leaves Portal Open As Nigerians Continue Depositing Old Notes In Banks

Next Post

Theft, Pipeline Vandalism Responsible For Volumes Of Crude Losses – Sylva

Leadership News

Leadership News

You May Like

Mixed Performance On Equities Expected This Week
Business

Earnings Optimism Triggers N4.32trn Equities Gain In 5 Days

2025/08/04
Cadbury Nigeria Records N55bn Revenue In 2022
Business

Cadbury Nigeria Records N14.54bn Pre-tax Profit In H1

2025/08/04
MTN Allots Incentive Shares, As Trading Opens With N4bn Loss
Business

MTNN Posts N414.9bn Profit After Tax In H1

2025/08/04
ASSBIFI Link Forex Rise On Unpatriotism Of Nigerians
Business

Despite Optimism, Forex Inflow Declines By 20.9% In July

2025/08/04
JUST-IN: Inflation In Nigeria Rises Further To 21.91%
Business

Easing Inflation, Currency Stability Prompted IMF’s Nigeria Growth Upgrade – Analysts

2025/08/04
Naira Crisis
Business

Consumers To Access N100m Mortgage Loans In FCMB

2025/08/04
Leadership Conference advertisement

LATEST

‘Tinubu’s Harsh Economic Policies Have Erased Nigeria’s Middle Class’, Says Falana

Trade, Investment Flourish As UAE-Nigeria Relations Strengthened

Flooding: Borno Needs Modern Drainages, Not Overhead Bridges, Chinedumuije Tells Zulum

Lagos Gov’t Allays Fears As Flood Sacks Residents After Rainfall

WAFCON: Aiyedatiwa Gives Super Falcons’ Tosin Demehin N30m, House

Gov Sani Effects Minor Cabinet Reshuffle In Kaduna

JUST-IN: Tinubu Rewards D’Tigress With OON Honours, $100k Each, Houses

‘I Don’t Have Any Caucus In APC,’ Says Gov Oyebanji

NNPCL Boss Ojulari In Office Monday Amid Resignation Controversy

Gov Uzodimma Vows To End Killings, Restore Peace In Imo

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.