Naira scarcity getting worsens as Banks limit withdrawals, ATMs run dry
Indications emerged on Tuesday that the looming naira scarcity may have hit certain parts of the country as banks have started limiting cash withdrawals across their branches in different parts of the country.
An investigation carried out by Daily Trust indicated that residents of Lagos, Abuja, Kano, Katsina, Jigawa and Adamawa and in other parts of the country are already feeling the heat of the naira scarcity.
It will be recalled that the cash scarcity had initially hit Borno and Kano states as the December 31 deadline for the use of the old N200, N500 and N1,000 banknotes draws nearer.
But the scarcity has reportedly spread to other parts of the country, much to the displeasure of many Nigerians.
But the Central Bank of Nigeria (CBN) has explained that: “The seeming cash scarcity in some locations is due largely to high volume withdrawals from the CBN branches by Deposit Money Banks (DMBs) and panic withdrawals by customers from the Automated Teller Machines, ATMs).”
The CBN, through its Director, Corporate Communications, Isa Abdulmumin, added, “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. The branches of the CBN across the country are also working to ensure the seamless circulation of cash in their respective states of operation.”
