Naira Notes Scarcity Persists: Banks Ration Cash Despite CBN's Efforts

The scarcity of Naira notes in banks across Nigeria continues to intensify, even after the Central Bank of Nigeria (CBN) suspended charges for cash withdrawals above regulatory limits. Despite the CBN's attempt to alleviate the situation during the Yuletide season, financial institutions are still grappling with shortages, impacting customer access to cash.

Findings reveal that banks nationwide are rationing cash withdrawals in their banking halls and through Automated Teller Machines (ATMs). While the CBN's directive suspended charges for withdrawals above specified limits until April 30, 2024, many banks are restricting customer withdrawals well below these limits.

The scarcity has led to various challenges for customers, including limits ranging from N10,000 to N40,000 for across-the-counter withdrawals. Additionally, ATMs in some areas are reported to be devoid of cash. This situation persists despite the CBN's warning of sanctions against banks and Point of Sale (PoS) operators involved in hoarding Naira notes.

The apex bank encourages the public to report any infractions or hoarding of Naira notes by banks and PoS operators through the official link https://forms.office.com/r/frZJ0f2hFQ or by contacting the nearest CBN branch. As the scarcity persists, it raises concerns about the effectiveness of measures taken and the need for sustained efforts to address the challenges in the country's cash supply.