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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