Amid the festive season's hustle and bustle, Christmas shoppers nationwide are facing heightened frustration as a severe shortage of naira disrupts holiday spending plans.
Investigative reports by The PUNCH reveal that banks are still rationing cash over-the-counter, with Automated Teller Machines (ATMs) in major cities, including Lagos, Abuja, Osogbo, Makurdi, Sokoto, Edo, and Gusau, running out of cash.
Despite reassurances from the Central Bank of Nigeria (CBN) about increased cash circulation, numerous banking halls experienced difficulties in providing over-the-counter cash services on Friday.
Local vendors and poultry sellers are increasingly insisting on cash transactions, leaving shoppers like Remi Arowolo and others struggling to secure necessary goods.
The scarcity has prompted concerns among Point of Sale (PoS) operators, who have doubled service charges, and individuals resorting to electronic transfers.
The CBN attributes the shortage to hoarding resulting from the poor implementation of the naira redesign policy, pledging a comprehensive review. As Christmas approaches, the impact on holiday shopping and economic activities remains a significant concern.
Source: Punch
