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Naira Scarcity Resurfaces Despite Assurance From CBN




Nigerians across various states have lamented the shortage of naira in circulation despite assurance from the Central Bank of Nigeria, CBN, that there is enough naira to be circulated in the country.

News About Nigeria gathered that the naira scarcity has reportedly resurfaced in some states of the federation, including Abuja, Lagos, Kano, Kwara, Gombe, Edo, Sokoto, and Ekiti.

Residents and business operators have called on the government to intervene, maintaining that the scarcity has made it difficult for them to access cash for their business activities.

The PUNCH revealed that a banker who pleaded anonymity blamed the scarcity on weak supply from the Central Bank.

According to him, the CBN is responsible for the shortage of cash in the country, adding that the cash being supplied to the banks was not enough, thereby causing unnecessary suffering for the masses.

Another banker affirmed that customers were not allowed to withdraw more than N20,000 over the counter due to the shortage.

Recall that the CBN, in a circular signed by Director, Corporate Communications, Isa AbdulMumin, had cautioned members of the public against engaging in panic withdrawals, maintaining that it has enough currency notes to facilitate normal economic activities.

The bank announced plans to extend the validity of the old N200, N500, and N1,000 notes indefinitely, noting that it was working with relevant authorities to vacate the subsisting court ruling on the same subject.

Former CBN governor, Godwin Emefiele, had stated that old versions of the redesigned notes would lose their legal status by January 31, 2023, but the apex court, in March 2023, invalidated the new naira design policy and extended the validity of the notes until December 2023.