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Over 5 million Nigerians Abandon Bank Accounts as the Economy Declines.

Over 5 million Nigerians Abandon Bank Accounts as the Economy Declines.

The harsh economic situation in the country is forcing Nigerians to abandon their bank accounts.

According to the newest fact sheet data published by the Nigerian Interbank Settlement System -NIBSS, Electronic payment, the total number of inactive bank accounts stood at 57.9 million in 2021.

This is an increase of more than five million or 11 percent when compared to 52.2 million in 2020’s inactive accounts. The numbers are expected to rise further as Nigerians continue to battle the rising price of goods and services.

According to a report by Picodi, an international e-commerce company, the price of essential foodstuff requirement for an adult stood at N40,980 Naira. This is above the N30,000 minimum wage recommended by the Federal government.

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Seven states are still yet to implement the minimum wage. This means that several Nigerians are being paid below N30,000.

Recently, the President of BCAN, Dr. Uju Ogubunka, listed the drivers of inactive accounts in the banks to include the increase in the prices of goods and services, low income accompanied by the low purchasing power of Nigerians, increasing rate of unemployment, and immigration, among others.

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