HomeBusiness & EconomyNigerians React As Naira Scarcity Returns

Nigerians React As Naira Scarcity Returns

The scarcity of the Naira notes in Nigeria has triggered reactions, from Nigerians, especially on various social media platforms.

Interestingly, the situation has automatically become a repeat of the same experience in the year 2022 which occurred approximately one year ago.

Going memory lane, a cash shortage ensued following the Naira redesign policy implemented by the CBN between December 2022 and February 2023, until the Supreme Court extended the deadline to December 31, 2023.

Considering the multiple effect of the situation amongst the masses, the extension was later revoked at the request of the federal government.

The situation lingers at the moment in the country as Nigerians are once more encountering a shortage of Naira notes during the Christmas and New Year festivities approach.

Sources have revealed that many Automated Teller Machines of Deposit Money Banks in many parts of the country are either not dispensing cash or are witnessing long queues.

The worrisome situation has prompted comments from Nigerians as they request that the government should intervene urgently.


Here are some comments put together by Punch Metro:
Popular Nigerian artist, Yemi Alade, on the 14th of December while lamenting the situation through her social media account posted, “Some branches have a 5000 naira limit for over the counter cash withdrawals !!! Which coven is CBN operating with?”


A tweep identified as @Brilliant_Arin, also tweeted,”One can’t withdraw more than 10k at ATM stands. The security man said they’ve started packing old notes to stop its circulation.

“We’re back to the zero hour, naira scarcity that went round in Jan/Feb is about to repeat itself. What a country, lol.”

Another tweep, identified as @Toluspin, tweeted,”Another naira scarcity? Lmaoo, APC will make sure you people hit your limit by force.”

Also as a result of the situation, it has been reported that Point of Sale service providers nationwide are increasing fees for cash deposits and withdrawals by more than 50% in certain areas, citing a scarcity of naira in banks.


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