Nigerians have taken over the social media to display the challenges they face at this Yelutide season as regards cash scarcity with the naira, both the old and purportedly redesigned new notes. Naira notes are now scarce in circulation as people find it difficult to access.
POS operative have taken advantage of this unfortunate avanue by increasing the charges fee for transactions which pose a discouraging atmosphere for the season of celebration.
As stated 4 days ago by Mrs. Hakama Ali ,CBN is actively monitoring the situation and has ensured the release of sufficient cash to its branches nationwide for distribution to Deposit Money Banks (DMBs). She clarified that the current volume of currency in circulation, which has substantially increased, indicates that there is no shortage of cash in the economy.
Despite the challenges posed by the hoarding behavior, the CBN remains committed to addressing the situation and ensuring the availability of cash, especially during the Yuletide season. Mrs. Hakama Ali urged Nigerians to be patient while the CBN takes necessary actions to alleviate the concerns surrounding the circulation of naira notes.
Nigerians expressed that banks were issuing small amount of cash over-the-counter to customers, also several Automated Teller Machines (ATMs) visited did not dispense cash on Sunday and Monday.
