Naira Scarcity: CBN Insists Banks Get New Naira Notes Daily Despite Shut Down of Some Branches
- The Central Bank of Nigeria has said that commercial banks in Nigeria still receive new notes from them daily
- The bank’s director of Consumer Protection, Rashidate Monguno, stated this in Kwara state
- The statement comes as commercial banks in some parts of Nigeria shut down operations, citing attacks on their facilities
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The Central Bank of Nigeria (CBN) has said that banks in Nigeria still get new naira notes from it daily, even as some banks shut down operations nationwide.
CBN’s director of Consumer Protection, Rashida Monguno, made this known in Offa, Kwara State on Thursday, February 9, 2023.
Source: Getty Images
Banks frustrate CBN's effort
Daily Trust reports that Monguno attributed the scarcity of the new notes to sabotage by the commercial banks in Nigeria.
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She said cash is available, which the banks are hoarding, and she has been on a sensitisation tour in Kwara for more than three weeks, during which the apex bank has been allocating new notes to banks daily.
Monguno said:
“There is naira out there, I have been in Kwara for over three weeks now, and we have been allocating money daily.”
”Because of this attitude, even those who don’t need the money are rushing to get and keep it, not to spend.
“Currency management is a cycle, but we have not allowed the cycle to mature. When you issue our currency as CBN, we expect the naira issued out will return to the banking system again.”
Banks shut down operations nationwide
Munguno’s statement comes as some banks across Nigeria stealthily shut down operations over the scarcity of new naira notes, leaving many Nigerians in the lurch.
The banks cited customer attacks on their staff and facilities as reasons for the shutdown.
CBN has said it would fine defaulting banks N1 million daily for not dispensing new naira notes stashed in their vaults.
"Banks receive N30m every day": CBN official reveals how much new naira notes banks receive daily
Legit.ng reported that Nigeria’s apex bank, the Central Bank of Nigeria, has stated that it gives N1 million in new naira notes to bank branches in Lagos.
According to reports, the amount needs to be improved for bank customers in the state, with millions of customers who queue at ATMs waiting for the new notes.
Analysts believe the CBN is running short of new notes or deliberately rationing them to the banks for unknown reasons.
Source: Legit.ng
