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Nigerians Express Outrage as Naira Scarcity Strikes Again Ahead of Festive Season

December 21, 2023

Photo Credit: PunchMetro

 

Nigerians are voicing their frustration on social media as the scarcity of the Naira intensifies, mirroring a similar ordeal experienced in 2022. The recent cash shortage follows the CBN’s Naira redesign policy, initially set to conclude by December 31, 2023, but later revoked by the federal government.

As the Christmas and New Year festivities approach, reports indicate a shortage of Naira notes, leading to long queues at Automated Teller Machines (ATMs) in various parts of the country.

Popular artist Yemi Alade and Twitter users expressed concerns over limited cash withdrawals, with some ATMs reportedly dispensing only up to 10,000 Naira. The situation has prompted a nationwide outcry, with calls for urgent government intervention.

The scarcity has also impacted Point of Sale (POS) services, with providers increasing transaction fees by over 50% in some areas due to challenges accessing Naira from banks or ATMs. This move has faced criticism on social media, with users lamenting the additional financial burden.

Responding to the public outcry, the Central Bank assured Nigerians of its commitment to resolving the issue. The acting director of corporate communications, Sidi Ali, attributed the scarcity to hoarding by individuals and emphasized that sufficient cash had been released to deposit money banks.

In light of the ongoing situation, the Nigeria Labour Congress issued a warning, stating that a mass public protest could ensue if the Naira shortage is not promptly addressed. NLC president Joe Ajaero criticized the government’s handling of the situation, questioning the reasons behind the currency shortage and highlighting its impact on citizens’ confidence in banking.

 

 

Credit: Punch Metro

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