The Stanbic IBTC has revealed how the scarcity of naira notes arising from the currency redesign by the Central Bank of Nigeria (CBN) crippled activities in the country’s private sector in the last few weeks.
In its new Purchasing Managers’ Index (PMI) report for February and sent to Ripples Nigeria on Sunday, the Stanbic IBTC said the scarcity of naira notes reduced the purchasing power of customers and hampered activities in the sector.
The lender added that customers were unable to access funds, forcing companies to scale down operations which in turn led to job cuts.
