Politics
Breaking News: Continued Naira Scarcity Sparks Debate Among Depositors And Experts, Focusing On CBN And Banks
Breaking News: Continued Naira Scarcity Sparks Debate Among Depositors And Experts, Focusing On CBN And Banks....KINDLY READ THE FULL STORY HERE▶
In the face of ongoing naira scarcity, questions abound about the whereabouts of the N3.4 trillion in circulation, especially with no sunset date for old currency notes. Frustrated Nigerians are grappling with disruptions in commercial activities, casting a shadow over this year’s Yuletide celebrations…CONTINUE READING
The crisis, initially erupting in Lagos and parts of the North, has now spread nationwide, leading Deposit Money Banks (DMBs) to ration cash at counters and leaving ATMs empty. Low-income earners, Bureau De Change operators, commuters, taxi drivers, and small business owners are among the hardest hit, facing challenges exacerbated by hyperinflation, forex scarcity, and expensive fuels.
Micro, Small, and Medium Enterprises (MSMEs) are on the brink of closure as buying cash from Point-of-Sale (PoS) agents eats into their thin profit margins. Nigerians on social media platforms urge the Central Bank of Nigeria (CBN) to collaborate directly with the public to gather intelligence on cash hoarding by banks and PoS operators.
Responding to the crisis, the CBN issued a stern warning to banks and PoS operators colluding to hoard or impede cash circulation. A digital feedback platform was unveiled to address complaints of naira scarcity. CBN spokesperson, Mrs. Sidi Ali Hakama, emphasized that with N3.4 trillion in circulation, there is sufficient cash in the economy, but some are hoarding it due to fears stemming from the 2022 cash scarcity.
Despite assurances from the CBN, economic expert Dr. Muda Yusuf called for a lasting solution, asserting that the economy is on “ventilators.” He challenged the notion that Nigerians are hoarding cash without sufficient incentive, urging the CBN to trace the root of the problem.
Commuters and PoS operators also feel the pinch, facing difficulties in obtaining sufficient cash for daily transactions. PoS agents report rationing due to bank restrictions, leading to increased charges. Bureau De Change agents highlight the impact on the dollar exchange rate, urging relevant authorities to address the cash scarcity to normalize business transactions.
As the CBN investigates reported collusion and works to ensure the availability of cash, Nigerians remain hopeful for a swift resolution to the persistent naira scarcity affecting various facets of daily life.
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Source; Bushradiogist
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