As Nigeria enters the festive season, citizens are once again contending with a scarcity of Naira notes, sparking concerns and inconvenience just days before Christmas and New Year celebrations…….CONTINUE READING>>>>>>
This situation persists despite assurances from the Central Bank of Nigeria (CBN) regarding the availability of currency notes.
Similar to the cash crunch experienced in December last year and the first quarter of 2023 due to the implementation of the failed Naira redesign policy, the resurgence of Naira scarcity is causing hardships for Nigerians.
According to reports on Daily Post, Automated Teller Machines (ATMs) in many parts of the country are either not dispensing cash or witnessing long queues, with Deposit Money Banks (DMBs) imposing maximum withdrawal limits ranging from N20,000 to N50,000.
Furthermore, Point-of-Sale (PoS) transaction fees have doubled due to the Naira scarcity, creating an additional burden for consumers.
Despite CBN’s insistence that there is no scarcity of Naira and attributing the situation to panic withdrawals by DMBs, the reality on the ground contradicts these claims.
Dr. Uju Ogunbunka, the President of the Bank Customers’ Association of Nigeria, expressed skepticism about CBN’s explanation, stating that there is a genuine scarcity of cash in the country.
Ogunbunka emphasized that the CBN has the mandate and means to address the issue by printing more currency for Nigerians.
Elegede Segun, the secretary-elect of the Mobile Money and Agent Banking industry in Nigeria, highlighted the impact of Naira scarcity on PoS operators, who have raised their charges to avoid running at a loss.
He revealed that members have resorted to local arrangements to obtain cash due to the scarcity.
Renowned economist Prof Segun Ajibola questioned the CBN’s reasons for the Naira scarcity, urging the regulator to diagnose the problem swiftly to prevent potential exploitation by counterfeiters.
CEO of SD & D Capital Management, Mr. Idakolo Gbolade, attributed the current Naira scarcity to communication problems between the CBN, DMBs, and the public.
Gbolade emphasized the need for the CBN to intensify its communication network and reassure Nigerians that there is no reason to hoard Naira notes.…….CONTINUE READING>>>>>>
