Cash Scarcity Report: Unfolding the Impact of the 2023 Cash Crunch on Youth Wellbeing

In October 2022, the Central Bank of Nigeria (CBN) announced the redesign of the 200, 500 and 1000 naira notes, with the old notes to go out of use by January 2023. However, a significant scarcity of the redesigned naira notes ensued as the deadline for using the old notes approached leading to a nationwide scarcity of naira notes. This meant that from January up until March 2023 when the Supreme Court of Nigeria nullified the redesign policy and ordered an extension of the validity of the old notes till December 2023, most Nigerians experienced difficulty in selling and buying goods and services. It was reported that business activities were hit by the naira scarcity.

Owing that Nigeria has a median age of 17, while about 70% of its population is under the age of 35, with 35% of the population is between 15 and 30, it therefore entails that young people were exposed to the naira scarcity more than any other age bracket in the country. This study was conducted to shed light on the difficulties faced by the youth demography during this period. By doing so, the study will be relevant in mirroring the impact of national policies on youth economic and social wellbeing. Thus, providing lessons for individuals, government and policy makers, and organizations interested in the prosperity of young people.