Despite the Central Bank of Nigeria’s (CBN) assurance that old naira notes remain legal tender, reports across the country indicate a scarcity of both old and new currency notes, causing distress among citizens.
The CBN previously affirmed the availability of enough currency notes in circulation, urging the public not to engage in panic withdrawals.
The apex bank had extended the validity of the old N200, N500, and N1,000 notes indefinitely, even filing an application before the Supreme Court seeking further extension.
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However, our investigation uncovered shortages in various regions including Abuja, Lagos, Kano, Kwara, Gombe, Edo, Sokoto, and Ekiti States. Scanty banking halls and depleted ATM galleries were observed, compelling some banks to ration cash withdrawals.
Customers faced limitations in accessing their funds, with instances reported of non-customers being restricted to withdrawing only N5,000 via ATMs in some banks.
Reports revealed that some ATMs remained empty, while others dispensed limited amounts due to the scarcity of both old and new notes.
Several customers expressed frustration at the difficulty in obtaining money from banks, attributing the situation to inadequate supply from the CBN.
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A Union Bank customer, Ganiyu Tunde, highlighted the challenges faced by non-customers and the restricted cash availability at ATMs.
Similar accounts surfaced from various parts of the country. In Lagos, a teller from Guaranty Trust Bank Plc confirmed restrictions on withdrawals, echoing concerns about the cash shortage.
Similar limitations were reported in the Federal Capital Territory, Kano, Kwara, and Ekiti, where customers faced hurdles in accessing their funds.
This scarcity, which began three weeks ago, has affected major banks, including UBA, GTB, First Bank, and Union Bank. While some banks rationed withdrawals, others permitted higher limits, exemplified by Zenith Bank, allowing daily withdrawals of up to N500,000.
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The prevailing scarcity has sparked concerns among Nigerians, echoing a similar situation during the naira redesign policy.
Residents expressed dismay over the continued shortage, especially at ATMs, urging a prompt resolution to alleviate the challenges faced in accessing cash.
