As the yuletide season approaches, residents of the Federal Capital Territory (FCT) are grappling with a growing scarcity of the Naira, with reports indicating that banks and ATMs are facing challenges in dispensing cash. Our correspondent from the Abuja City Journal observed the situation on Friday morning, revealing that a significant number of banks, particularly around Gwarinpa and Kubwa, are currently unable to provide cash to their customers.<\/p>\n
Customers queued for extended periods at the few banks still dispensing cash, exacerbating frustrations among those attempting to withdraw money. Mr. Samuel Ayodele, a civil servant, shared his experience of spending four hours inside a banking hall yesterday, only to fall short of obtaining the requested amount due to a shortage of cash.<\/p>\n
Adding to the predicament, Point of Sale (POS) operators have capitalized on the cash crunch, increasing their charges and conducting brisk business. Aliyu Bala, a POS operator, lamented the banks’ reluctance to provide them with cash, forcing them to seek alternative sources.<\/p>\n
Yinka Davies, another POS operator, expressed concern over the irregular functioning of ATMs, emphasizing that cash availability is limited to specific hours of the day. He speculated on the possibility of the scarcity being linked to the impending December festivities, suggesting that only the Central Bank of Nigeria (CBN) could shed light on this emerging shortage.<\/p>\n
This situation unfolds against the backdrop of the CBN’s directive affirming the legal tender status of both the old and redesigned Naira notes in Nigeria. Additionally, the Supreme Court’s recent judgment granted the federal government’s request to lift the December 31 extension deadline for the usage of N200, N500, and N1,000 notes, further complicating the dynamics of the current cash scarcity in the FCT.<\/p>\n","protected":false},"excerpt":{"rendered":"
As the yuletide season approaches, residents of the Federal Capital Territory (FCT) are grappling with a growing scarcity of the Naira, with reports indicating that banks and ATMs are facing challenges in dispensing cash. Our correspondent from the Abuja City Journal observed the situation on Friday morning, revealing that a significant number of banks, particularly […]<\/p>\n","protected":false},"author":7,"featured_media":9948,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[177],"tags":[59],"class_list":["post-9922","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-abuja-reports","tag-featured"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/9922","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=9922"}],"version-history":[{"count":3,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/9922\/revisions"}],"predecessor-version":[{"id":9958,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/9922\/revisions\/9958"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/9948"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=9922"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=9922"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=9922"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}