Nigeria Nigeria Faces Naira Shortage Woes During Festive Season

As Nigerians usher in the holiday season, the specter of Naira scarcity looms once again, despite assurances from the Central Bank of Nigeria (CBN).

Reports indicate Automated Teller Machines (ATMs) in several regions are either non-dispensing or witnessing lengthy queues, with Deposit Money Banks (DMBs) imposing withdrawal limits and Point-of-Sale (PoS) charges doubling due to the currency shortage.

While the CBN attributes the scarcity to panic withdrawals by banks, citizens and experts challenge this, asserting a genuine Naira shortage.

Criticism mounts against the CBN's explanations, prompting calls for increased currency production to meet demand.

The economic ramifications of this scarcity unfold as citizens grapple with transaction challenges during the festive season.