Naira Scarcity Hits Kano, Sokoto, Edo, Others, Despite CBN's Assurance

In defiance of recent assurances by the Central Bank of Nigeria (CBN) regarding ample naira circulation, reports of scarcity have surfaced nationwide, impacting states such as Kano, Sokoto, and Edo.

The PUNCH's survey confirmed the scarcity in multiple regions, raising concerns among bank customers and Point of Sale operators. The scarcity coincides with the CBN's previous affirmation of adequate currency notes, triggering a circular emphasizing the legal tender status of all CBN-issued banknotes.

The situation is linked to the ongoing naira redesign policy, with legal complexities extending the validity of old notes until December 2023. Scarcity resurgence is evident in banking halls and ATMs in Lagos and other states, sparking customer complaints and operational challenges.

Residents in the affected regions lament difficulties in accessing cash, and Point of Sale operators express concerns about the impact on their businesses. The Bank Customers Association and the Association of Mobile Money and Bank Agents urge the CBN to address the situation and emphasize the need to explore alternative payment channels.

 

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