With Christmas just around the corner, shoppers are expressing frustration over the worsening naira scarcity, encountering challenges in making essential purchases for the upcoming festive season. Investigations by The Punch revealed that banks are still rationing cash over-the-counter, and many Automated Teller Machines (ATMs) across various locations did not dispense cash.
The scarcity has impacted various businesses, with traders insisting on cash payments. Many Christmas shoppers are struggling to find the required cash for purchases, leading to difficulties in preparing for the holiday season.
Despite assurances from the Central Bank of Nigeria (CBN) that more cash has been released for economic activities, the scarcity persists. The situation has led to an increase in service charges by Point of Sale (PoS) operators, with some charging at least 100% more for withdrawals.
Customers have reported challenges in obtaining cash, and the scarcity has forced some to resort to electronic transfers. Meanwhile, the CBN attributes the scarcity to hoarding triggered by the poor implementation of the naira redesign policy.
While the CBN claims an increase in currency in circulation, the apprehension among individuals has hindered the free flow of cash. Some states, including Benue, Zamfara, Edo, Niger, Rivers, Osun, and Gombe, have experienced the impact of the naira scarcity, affecting both ATMs and PoS services. Despite efforts to address the situation, Christmas shoppers and businesses are grappling with the challenges posed by the ongoing cash crunch.
