Article,
An Evaluation of the Scarcity of New Naira Notes and Slow Business Growth in Nigeria
Central Asian Journal of Innovations on Tourism Management and Finance, 4 (6): 110-118 (June 2023)
Abstract
This paper carefully assessed an evaluation of the scarcity of new naira notes and slow business growth in Nigeria. Business refers to an occupation in which goods and services are produced and sold in exchange for money. It is carried out on a regular basis with the primary objective of making profit. Mining, manufacturing, trading, transporting, storing, banking, and insurance are examples of business activities. Slow business growth means that you work at a different pace. Growing your business slowly doesn't mean you aren't successful. Slow growth means that you are making time to focus on other things too. It also reviewed the remedy to new naira note scarcity, new naira note related issues, extent of new naira note scarcity such as the ambition to fully implement a cashless policy, the shortage of clean and fit banknotes and tomoderate inflation. Due to inadequate sensitization and the rush in the implementation of the policy, the country is exposed to a situation whereby businesses are rejecting the old currency even in the face of unavailability of the redesigned new Naira notes. It was on this basis that the paper concluded that business improves the national image of the producing country by producing and exporting quality goods and services to foreign countries. It also demonstrates to the outside world the progress and achievements of its own country by participating in international trade fairs and exhibitions. The scarcity of naira notes has slowed down economic activities in the country. Manufacturers said they were already seeing a drastic reduction of more than 25 percent in sales of locally manufactured products.
