Cash Scarcity Resurfaces as PoS Operators Source Money From Petrol Stations, ATMs Dry UP
- Nigerians feared the return of cash scarcity as the deadline given by the Supreme Court approaches
- The CBN in an earlier statement assured that there was enough cash across Nigeria
- But the scarcity, which is more prevalent in the northern part, persisted across the country
Residents across Nigeria feared that Naira scarcity may have returned as they find it difficult to get cash for their day-to-day transactions.
Some banks across the country have also limited cash withdrawals according to findings, making the situation worse.
Source: Getty Images
This comes as the deadline to the December 31 deadline for the use of the old N200, N500, and N1,000 banknotes as issued by the Supreme Court draws nearer.
Legit.ng had earlier reported that some parts of the country were reportedly experiencing cash scarcity
PAY ATTENTION: Click “See First” under the “Following” tab to see Legit.ng News on your Facebook News Feed!
Meanwhile, the CBN, in a recent report, assured Nigerians of enough cash availability across Nigeria.
More scarcity
Legit.ng found that despite the assurance, Nigerians have continued to witness scarcity across the country.
Aminat Alao was at the Apapa, Lagos to withdraw money during the last weekend but had to patronise the PoS operators when she visited three different ATMs that did not dispense money.
Meanwhile, as of the time of filing this report, cash had been restored in most of the ATMs in the area.
Legit.ng observed that there have been several other reports of ATMs not dispensing across Lagos.
A Lagos resident told Daily Trust how he had to go all the way from Ogba to Ikeja at Oba Akran before he was able to withdraw from the ATM
He said that PoS agents had been withdrawing all the cash lodged at various ATMs.
PoS operators affected
Meanwhile, PoS operators also complained about the difficulty in getting large amounts of money from the bank.
They said that most of the time, an alternative for getting cash is sourced because the bank has reduced the amount they give individuals
“Some people credited our accounts with millions of naira and they have been on the queue for over weeks, we give them cash in piecemeal. I am not an economist but I have a strong feeling the federal government had mopped up cash from circulation,” one PoS operator said.
Another PoS operator in Yaba, Tobi Demola, said even when he visited the head office in Marina, he could not get cash as of Friday.
He explained how he had to approach the filling station to get some cash for the business to keep running.
Traders in the northern part are most affected
Daily Trust reported that the scarcity is more prevalent in the Northern part of the country.
It reported that prominent village markets in Kano, Katsina, Jigawa, Adamawa, Kaduna, and Taraba are beginning to witness the scarcity.
The development has made it quite difficult for farmers who harvested their goods to get funds from merchants buying the produce.
One of the traders who visited the Mai’adua Cattle Market in Katsina on Sunday said traders are not getting money easily to transact.
“Most of the people who brought cattle from the villages for sale were not willing to sell because they wanted cash, which was not available.
“My cousin had to send cash for me from Kano, which I used to buy cattle. It is the same with many people. Some of the traders went back home with their wares,” he said.
Some people claimed the development could be because a lot of traders have stopped taking their money to the bank for fear of the unknown especially as the December deadline approaches.
No more December: CBN addresses Nigerians on expiration date for old naira notes
The Central Bank of Nigeria (CBN) earlier clarified that the old 200, 500, and 1000 naira notes would continue to be legal tender even after December 31, 2023, Legit.ng reported.
A senior official, who spoke anonymously, assured Nigerians that both old and new banknotes would still be considered legal tender.
PAY ATTENTION: Unlock the best of Legit.ng on Pinterest! Subscribe now and get your daily inspiration!
Source: Legit.ng
