As the Christmas and New Year festivities approach, Nigerians find themselves grappling with a shortage of Naira notes once again.
This situation persists despite the Central Bank of Nigeria’s (CBN) reassurances regarding the availability of currency notes.
The recurrence of Naira scarcity, reminiscent of the cash crunch experienced in December last year and the first quarter of 2023 due to the failed Naira redesign policy, is beginning to impact Nigerians significantly.
Across various parts of the country, Automated Teller Machines (ATMs) operated by Deposit Money Banks (DMBs) are either unable to dispense cash or are experiencing long queues.
Reports indicate that DMBs have set maximum withdrawal limits, ranging from N20,000 to N50,000, and transaction fees through Point-of-Sale (PoS) operators have doubled due to the Naira scarcity.
Despite the CBN attributing the Naira scarcity to panic withdrawals of large cash volumes from its branches by DMBs, the actual shortage of currency contradicts the CBN’s assertions.
#YourViewTVC | December 12TH, 2023
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