A widespread scarcity of Naira currency notes has been observed in various states, including Kano and Borno, as the Central Bank of Nigeria (CBN) deadline for the use of old N200, N500, and N1000 banknotes swiftly approaches, set for December 31, 2023, as mandated by the Supreme Court.
The scarcity has sparked concerns within local business communities, leading to reports of severely limited cash availability in both banks and ATMs. Point of Sales (PoS) operators in Kano disclosed their challenges in obtaining sufficient cash from banks, compelling them to seek alternatives from local markets and fuel stations. Additionally, ATMs in various areas were reported to be non-functional, leaving residents and traders struggling to carry out essential transactions.
In Borno State, the scarcity has significantly impacted residents, traders, and local banks, forcing many to resort to online transactions due to the scarcity of physical cash. Banks in the state have enforced strict withdrawal limits, with some customers encountering difficulties accessing cash even from PoS points.
Furthermore, Bureau de Change (BDC) operators in Abuja shared their experiences, noting a worsening scarcity of Naira in recent days. This scarcity appears to be exacerbated by banks’ efforts to mop up cash ahead of the expiration deadline for the old notes.
The resurfaced Naira scarcity has raised widespread concerns, posing challenges for everyday transactions and causing significant inconvenience for businesses and individuals alike.
