Naira Scarcity Sparks Lamentation as Emefiele Era Makes a Comeback
Nigerians have taken to various social media platforms to decry the rising level of the scarcity of the Naira.
The naira scarcity comes approximately 12 months after Nigerians went through similar ordeal in 2022.
Recall that following the Naira redesign policy implemented by the CBN between December 2022 and February 2023, a cash shortage ensued until the Supreme Court extended the deadline to December 31, 2023.
However, this extension was later revoked at the request of the federal government.
As the Christmas and New Year festivities approach, Nigerians are once more encountering a shortage of Naira notes.
According to reports, many Automated Teller Machines of Deposit Money Banks in many parts of the country are either not dispensing cash or are witnessing long queues.
This situation has led to nationwide outcry from Nigerians condemning the situation, while also seeking for an urgent intervention by the federal government.
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.
According to a report from Nairametrics, certain POS operators in cities like Lagos and Abuja have raised their transaction fees. These operators are facing challenges accessing Naira from banks or ATMs.
The leader of the NLC remarked that if the CBN’s assertion about individuals hoarding illicitly acquired money in their residences to evade detection was accurate, it cast serious doubt on the government’s anti-corruption efforts.
He further elaborated that this statement from the CBN essentially suggests that since this government took office, corruption has surged, leading to the establishment of secret locations to store illegitimate funds.
