Nigeria Nationwide Naira Scarcity: Banks Ration Cash in Kano, Sokoto, Edo, and More

In defiance of recent Central Bank assurances, reports of a renewed Naira scarcity have emerged across several states, including Abuja, Lagos, Kano, Kwara, Gombe, Edo, Sokoto, and Ekiti.

The PUNCH's survey exposed the challenges faced by bank customers and Point of Sale operators, who bemoan the difficulty in accessing cash for their economic activities. Despite the apex bank's circular affirming sufficient currency notes, concerns persist over the legality of old Naira notes, linked to the apex bank's redesign policy.

The scarcity is attributed to weak supply from the CBN, causing disruptions in banking halls and ATMs, with some banks rationing withdrawals. This crisis underscores the ongoing struggle between economic policy shifts and the practical challenges faced by citizens, amplifying the need for clarity and effective solutions.