Nigerians continue to groan as cash scarcity reminiscent of the Godwin Emefiele days bites harder
By Ikenna Princewill
Once again, the scarcity of cash hits Nigeria. The country’s currency, the naira, has become a hot selling commodity as a resurgence of widespread and intense cash rationing by banks have compounded the severe economic challenges facing Nigerians as a result of high prices of goods and services.
Recall that in 2023, during the build up to the general election, the Central Bank of Nigeria (CBN) under the governorship of Godwin Emefiele had printed new naira notes which were not sufficient enough to go round the citizens who needed cash for their transactions. Consequently, there were scarcity of cash in the country at the time which resulted in crisis that gave rise to numerous deaths and criticisms.
Today, Nigerians appear to be facing similar ordeal under the Michael Olayemi Cardoso governorship of the apex bank. Cash is being rationed by banks without Federal Government intervention. Meanwhile, the House of Representatives has mediated asking the CBN, to urgently address the situation which has disrupted economic activities, causing significant hardship to citizens.
Tentacle’s checks reveal that there are cash withdrawal limits ranging from N5,000 to N10,000 in most bank branches for over-the-counter and automated teller machine (ATM) transactions.
Bank officials have also blamed cash scarcity on the CBN, insisting that limited cash supply from the CBN and a decline in cash deposits by customers are responsible for the scarcity.
Although the CBN had directed money deposit banks (MDBs) to ensure efficient cash disbursement to customers Over-the-Counter (OTC) and through ATMs as the CBN will intensify its oversight roles to enforce this directive and ensure compliance.
In a circular, the CBN’s acting Director of Currency Operations, Solaja Olayemi, and its acting Director of Branch Operations, Isa-Olatinwo Aisha, urged members of the public who are unable to obtain cash Over-the-Counter or through ATMs at DMBs, to report such instances using the designated reporting channels and format provided. As at the time of filing this report, the biting naira has continued without both the DMBs and the regulatory authorities bating an eyelid.
