Nigerians face naira scarcity woes despite CBN assurances

As the Christmas and New Year celebrations approach, Nigerians are grappling with the persistent scarcity of Naira notes, leading to cash crunch issues reminiscent of the previous year. Despite the Central Bank of Nigeria’s assurances about the availability of currency notes, citizens are experiencing challenges accessing cash from Automated Teller Machines (ATMs) across the country. Long queues and limited withdrawal amounts are causing inconvenience, while transaction fees via Point-of-Sale (PoS) systems have doubled. The CBN attributes the scarcity to panic withdrawals by banks, but critics argue there is a genuine shortage affecting daily transactions.