Nigerians groan as Naira scarcity persists nationwide

Few days into the Christmas and New Year celebrations, Nigerians are again faced with the scarcity of Naira notes.

The development is coming despite the assurance of the Central Bank of Nigeria, CBN, on the availability of the currency notes.

Like the cash crunch of December last year and the first quarter of 2023 due to the implementation of the failed Naira redesign policy, the resurgence of the naira scarcity has begun to bite hard on Nigerians.

As of Monday, Automated Teller Machines of Deposit Money Banks in many parts of the country are either not dispensing cash or are witnessing long queues.

DAILY POST gathered that DMBs had pegged maximum withdrawal limits from N20,000 to N50,000.

Transaction fees through Point-of-Sale operators, PoS, have also doubled due to the Naira scarcity.

PoS charges increased by 100 per cent as it moved to N200 per N5,000 in the nation’s capital; the same situation is reported nationwide.

However, the country’s apex bank blamed the Naira scarcity on panic withdrawals of large volumes of cash from various CBN branches by Deposit Money Banks (DMBs).

CBN insisted that there is no scarcity of Naira, noting that the economy has an adequate supply of the currency.

Credit: dailypost.ng

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