Central Bank of Nigeria extends deadline for people to swap their old naira notes for the new ones

The Central Bank of Nigeria (CBN) announced on Sunday, January 29, that it was extending the deadline for citizens to swap their old ₦200, ₦500 and ₦1,000 notes for the newly redesigned notes from January 31 to February 10.

Doom and gloom as severe economic crisis threatens

Doom and gloom as severe economic crisis threatens

Global growth is slowing sharply, with the worldwide economic output projected to be just 1.7% this year, according to the latest analysis from the World Bank Group.

Business is booming at the popular Baga Fish Market in Maiduguri

Business is once again booming at the popular Baga Fish Market in Maiduguri, which was closed during the insurgency because of frequent attacks by extremists, and was allowed to reopen only seven months ago.

New cash withdrawal limits could be the death knell for small traders

Traders in Maiduguri in Borno State have expressed dismay about the cash withdrawal policy put in place by the Central Bank of Nigeria (CBN), which allows individuals to withdraw a maximum of ₦100,000 and corporates ₦500,000 a week.

Currency redesign is causing panic buying and hoarding among traders and residents in Damboa

As the time draws closer to the distribution of the redesigned Nigerian currency, people – most of whom do not even have bank accounts and deal only in cash – […]

Traders in Gamboru Ngala are ready to take the cattle by the horns and start buying and selling again

The gates to the Gamboru International Cattle Market have been reopened after having been securely shut for about seven years because of the 13-year insurgency in Borno State. Residents, traders […]

Devaluation of the naira and dodgy roads are crippling hides and skins trade

The devaluation of the naira and the appalling condition of major routes have taken their toll on hides and skins traders who are struggling to keep their businesses afloat – […]

Redesigning Nigeria’s currency now is not the right time – economist

Nigeria’s economy is critical at this stage and by redesigning the country’s currency it will just mean traders will be at risk of facing further losses. This was the view […]

Exorbitant cost of living drives market traders to shut up shop

The exorbitant cost of living, lack of purchasing power and poor patronage, as well as the hike in the prices of all commodities, have forced some traders at the Maiduguri […]

Incense no longer the sweet smell of success

For more than a thousand years incense, popularly called “Ka’aji” in Kanuri and also known as “Turaren Wuta”, has been used by the Kanuri and Shuwa Arab people – and […]