By Daniel Edu
A shortage of Naira currency notes has been reported in several states, including Kano and Borno, as the Central Bank of Nigeria’s (CBN) deadline for the use of old N200, N500, and N1000 banknotes approaches. The scarcity comes ahead of the CBN’s deadline of December 31, 2023, for the old notes to remain legal tender, as mandated by the Supreme Court.
The scarcity has led to concerns among business communities, with reports of limited cash availability in banks and ATMs. Point of Sales (PoS) operators in Kano revealed that they were facing challenges in obtaining sufficient cash from banks, forcing them to seek alternatives from markets and fuel stations. ATMs in various areas were reportedly not dispensing cash, leaving residents and traders struggling to conduct transactions.
In Borno State, the scarcity has impacted residents, traders, and banks, forcing many to resort to online transactions due to the limited availability of cash. Banks in the state have set withdrawal limits as low as N20,000 for customers, and some customers have experienced difficulties accessing cash from PoS points.
Bureau de Change (BDC) operators in Abuja also shared their experiences, noting that the scarcity of Naira had worsened in recent days, potentially due to banks mopping up cash ahead of the old notes’ expiration deadline.
The resurfaced Naira scarcity has raised concerns among the public, creating challenges for everyday transactions and causing inconvenience for businesses and individuals alike.
