The Business NG - December 16, 2024

In this issue

Today's edition highlights the worsening economic strain faced by Nigerians as the Christmas season approaches, with a deepening cash crisis severely impacting daily life, particularly in rural areas. Limited access to banking services, unreliable mobile networks, and cash scarcity are creating unprecedented challenges for individuals and businesses alike.

Healthcare systems are overwhelmed, with hospitals turning away patients and women resorting to home births due to a lack of payment options. Small businesses in food and retail sectors report dwindling sales as consumers struggle to secure basic necessities.

Exploitation by Point-of-Sale (PoS) operators, who impose exorbitant fees for cash withdrawals, coupled with banks rationing cash to N10,000 per transaction, is further aggravating public discontent. Promises of improved banking infrastructure have not alleviated the crisis, as mobile banking apps frequently malfunction, leaving many stranded without access to their funds