Naira Scarcity: Banks Sources Claim No Cash Has Come From CBN in the Last 2 Days

• Some banks in Lagos are yet to take delivery of regular cash disbursement by the CBN in the last two days
• The staff of two banks based in Lagos spoke with Legit.ng confirming the situation
• The sources also confirmed that the old N200 notes were no longer available for disbursement to customers

The Central Bank of Nigeria (CBN) has reportedly failed to disburse money to some banks in Nigeria in the last two days. This is according to bank sources in two major banks in Nigeria who disclosed this to Legit.ng.

It would be recalled that the CBN had initially disclosed that it disbursed N30 million to each bank every day, but between Monday, February 27 and Tuesday, February 28, some banks claim they are yet to receive the daily disbursement.

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Frustration since the naira redesign policy

Since the deadline expiration for the CBN's naira redesign and swap policy, bank customers have found it hard to access cash over the counter and via Automated Teller Machines (ATMs).

The alternative source, Point of Sales (PoS) operators, have not been fruitful either. At places where the PoS operators have the cash to give, they charge a commission of about 15% - 40%, depending on the location. For example, a N10,000 withdrawal could attract up to N2000 -N4000 charges as commission.

Despite the CBN insisting that it has sent out enough cash to all Nigerian banks to be dispensed to millions of customers nationwide, most Nigerians can still not access their monies.

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Hundreds of Customers Troop to Banks as CBN Orders Recirculation of Old N200, N500, N1000 Notes

The situation degenerated a few weeks ago to huge protests in some cities and the vandalisation of the properties of some banks in Oyo, Ogun and Edo states.

No CBN cash delivery to some banks in 2 days

Since the naira scarcity began, getting cash from banks and ATMs has become as difficult as getting a visa to the United States. Despite the CBN's claim to regularly distribute about N30million daily to bank branches, the banks claim the amount usually isn't enough for distribution to their numerous customers.

To ensure that more customers are serviced, the banks sometimes ration the amount disbursed to about N3,000 to N10,000 per customer. Sadly, this strategy still doesn't make up for the huge cash scarcity in the system.

A staff of a Lagos branch of one of the tier-1 banks that has red as its brand colour spoke to Legit.ng disclosing that in the last two days, they are yet to receive cash from the CBN. The staff who chose to remain anonymous said:

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We usually received cash in the amount of N10 million to N30 million from the CBN for disbursement to our customers. But for yesterday (Monday) and today (Tuesday), we are yet to received anything from them. I'd like to think it's the election weekend effect because I don't want to believe there's no more cash.

Also confirming the claim is Tunde Agede, a staff of a popular second-generation bank that has green and blue as its brand colours, Agede said:

Customers that have been coming to the bank have been told that there's no cash to disburse, either over the counter or via ATMs for now. And that's because we are yet to receive cash from the CBN as we speak. Many of the customers have gone back home, but a few stayed behind in the hopes that the CBN would eventually deliver the cash.

When Legit.ng asked them if the old N200 that President Muhammadu Buhari ordered to be returned into circulation was available, they confirmed that the lower naira denomination was out of stock.

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This, however, confirms Legit.ng's previous story, which disclosed that recirculating N200 notes would be a scratch in the pan as N200 notes constituted less than 10% of the total volume of currency in circulation in the last seven years.

Nigerians frustrated as CBN's naira policies cause scarcity across Nigeria

CBN's move to recall old naira notes in exchange for the newly redesigned naira notes and enforcement of a cashless policy has brought extreme hardship on Nigerians due to the scarcity of the currency.

Every day, thousands of customers besiege various banks and ATM points to withdraw, only to be confronted with the fact that the naira has become scarce and the banks do not have enough to dispense to all customers.

The scarcity has caused a lot of frustration amongst Nigerians, resulting in protests and the vandalisation of bank properties in some cities.

Source: Legit.ng