Naira Scarcity Returns After CBN’s Enough Cash Promise

Tapre TimineNovember 22, 2024331

Emerging reports suggested that there has been a return of naira scarcity that rocked the country in late February 2023.

It was learnt that the Central Bank of Nigeria (CBN) has been facing criticism after the scarcity of the Naira resurfaced despite its promise of enough cash

Reports suggested that there is scarcity in some parts of Abuja, Lagos, Kano, Kwara, Gombe, Edo, Sokoto, and Ekiti states.

One Ganiyu Tunde who spoke with Newsmen in Lagos stated that banks were only dispensing N5,000 via ATMs to non-customers.

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For customers of the Union Bank, they were able to access up to N20,000 at the ATM and over the counter.

Naira scarcity also affected Point of Sales (POS) operators who lamented the challenge of accessing cash.

Naira scarcity is coming weeks after the CBN affirmed that it has enough currency notes in the market while advising members of the public not to panic.

Part of a statement by the Director, Corporate Communications, Dr Isa Abdulmumin, in Abuja on November 2 had read:

“While we note the concerns of Nigerians on the availability of cash for financial transactions, we wish to assure the public that there is sufficient stock of currency notes for economic activities in the country.”