Nigerians Reel Under Cash Shortage and Mounting Hardship
There have been a resurgence of nationwide and intense cash shortage by banks, which have compounded the severe economic challenges confronting Nigeria driven by very high prices of goods and services.
The House of Representatives, have asked the CBN to urgently address the situation which has disrupted economic activities, causing significant hardship to citizens of Nigeria.
Naijaeyes investigation revealed cash withdrawals limit ranging from N5,000 to N10,000 in most bank branches for over the counter withdrawal and ATM transactions.
Lot of bank customers spoke to Naijaeyes narrating their bitter experience in withdrawing cash from the banks. Some bank officials attributed the development to limited cash supply from Central Bank of Nigeria, and a sharp decline of cash deposit by customers.
This came inspite of the warning from Central Bank Of Nigeria. In a circular signed by the CBN’s acting Director of Currency Operations, Solaja Olayemi, and its acting Director of Branch Operations, Isa-Olatinwo Aisha, urged members of the public who are unable to withdrawal cash Over-the-Counter and through ATMs at DMBs, to report such instances using the designated reporting channels and format provided, the CBN had also promised.
Why the scarcity— Bank staff
Some staff of one of the banks in Festac told Naijaeyes reporter that the CBN is experiencing cash shortage and such banks do not have cash available.
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