Cash crunch continues to bite harder as banks run out of old, new naira notes

Date:

By Kayode Sanni-Arewa

Many banks have run out of both the old and new notes, dashing Nigerians' hopes that the cash scarcity will ease soon.

Despite the announcement by the Central of Nigeria, , that the old naira notes would remain legal tenders till December 31, 2023, long queues have continued to be the order of the day in many banks across Nigeria.
The announcement of CBN had initially brought succour to many Nigerians that the old N1000, N500 and N200 banknotes would remain legal tender in compliance with the Supreme judgment.
However many bank branches remained shut across the country; those that had cash rationed it.
The story is the same across Nigeria as it was learnt that the CBN was yet to supply the old notes to the banks.
In many branches, crowds gathered in banking halls and at the Automated Teller Machines (ATMs).
In Akure, the state State capital, customers were told there was no money.
An official, who pleaded not to be named, told our correspondent that the branch had no money to dispense.
He said: “The truth is there is no cash. The banks are interested in doing business, but CBN is yet to release cash to .
“I have sympathy with our customers who are left stranded, but the truth is, there is nothing we can do about it. We don't have the cash.”
In Imo, none of the ATMs our correspondent visited dispensed cash.
Some residents got to the bank before 6 am only to be told there was no money.
“We were told to return tomorrow (today) after they paid a few customers the old naira notes,” a resident, simply identified as Meshack, said.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Subscribe

spot_imgspot_img

Popular

More like this
Related

Just In: Gov Ortom will not appear before any Cttee -Wike reacts to PDP’s notice

By Kayode Sanni-Arewa Rivers State Governor Nyesom Wike has...

No Clandestine Meeting Between CJN And President-Elect

By Kayode Sanni-Arewa Our attention has been drawn to...

Ex-Gov. Ayo Fayose and Arise TV’s Rufai Oseni, clash on Live TV (video)

Former Ekiti state governor, Ayo Fayose and Arise TV’s...

Angry man breaks up with girlfriend after she received lap dance from Chris Brown

A man has broken up with his girlfriend after...