Cash Scarcity Crippling Nigeria’s Economy

The United Nations has disclosed that the shortage of naira in recent times crippled the Nigerian economy. <br />It stated that the informal sector felt the brunt of the scarcity the most. It noted that the continuing decline of oil production is set to impact the country’s finances in 2023. <br />The UN says the general African economy is projected to expand 2.5 per cent, which is a drop from last year, and insufficient to curtail poverty levels on the continent. <br />It explained that this is in no thanks to weaker external demand and tighter financial conditions. <br />It noted that many African economies are at risk of stagflation in 2023, with half of African countries recording double-digit inflation in early 2023. <br />