Despite the recent efforts by the Central Bank of Nigeria (CBN) to address concerns around the circulation of the naira, reports of a new scarcity have surfaced, causing panic among residents in several states, including Lagos, Kano, Sokoto, and others. The CBN had earlier announced plans to indefinitely extend the validity of old N200, N500, and N1,000 notes and filed an application before the Supreme Court seeking approval for this extension.
Scarcity Reports Across States
Lagos:
Customers report challenges as banks dispense only N5,000 via ATMs to non-customers. Banking halls and ATM galleries witness scarcities of both old and new Naira notes, with bank tellers noting withdrawal restrictions.
“It is the CBN that is responsible for this cash scarcity. We are not getting enough from them. They are just causing unnecessary suffering for the masses,” shares an anonymous banker.
Federal Capital Territory (FCT)
Customers express concerns about difficulties in withdrawing money at First Bank branches, with some banks attributing transaction challenges to network unavailability.
“Withdrawing money is becoming more challenging,” laments a concerned resident in the FCT.
Kano:
Commercial banks in Kano reportedly face challenges in fully honoring customer withdrawal requests, leading to restrictions on withdrawal amounts.
“Many banks lack money to give to customers, and when you inquire, they will not give you any satisfactory explanation as to why,” notes a customer in Kano.
Kwara:
Banks in Kwara ration cash to customers, while Zenith Bank customers maintain daily withdrawals of up to N500,000. Scarcity issues began three weeks ago, impacting UBA, GTB, First Bank, Union Bank, and others.
“Banks do not have enough cash to pay out to customers because people are not bringing money to the bank,” reports a banker.
Ekiti:
Union Bank in Ekiti reveals its inability to meet specific withdrawal demands due to insufficient cash, highlighting the impact on customers and available resources.
Sokoto:
Residents in Sokoto express ongoing concerns about cash scarcity, particularly noticeable at ATMs, which are struggling to dispense cash.
“Even though the issue is becoming more relaxed, the scarcity is still very much with us,” shares a resident in Sokoto.
Stakeholder Reactions
- Customer Concerns:
- Customers express challenges in withdrawing money, citing difficulties at ATMs and within banking halls.
- Some complain about the rationing of cash by banks, affecting the amount customers can withdraw.
- Banker Perspectives:
- Bankers attribute the scarcity to weak cash supply from the CBN, leading to challenges in meeting customer demands.
- Rationing of available money among customers is reported, with varying withdrawal limits imposed.
