Breaking News: Abuja Faces Naira Scarcity As ATMs Experience Cash Dispensing Issues

Breaking News: Abuja Faces Naira Scarcity As ATMs Experience Cash Dispensing Issues.....KINDLY READ THE FULL STORY HERE▶

Certain areas within the Federal Capital Territory (FCT) are grappling with a shortage of the Naira as Nigerians approach the Christmas season. At least seven commercial banks in the AYA area of Abuja were reported to have experienced difficulties in dispensing cash on Thursday.

Upon visiting these ATMs on Thursday evening, a DAILY POST correspondent noted the failure to withdraw cash, a situation that has persisted for approximately a week. Interestingly, Point of Sales (POS) operators were observed gathering in front of these banks, capitalizing on the opportunity to conduct brisk business.

Samuel, one of the POS operators, expressed concern about the ATMs’ inability to dispense cash as anticipated. He pointed out that cash availability was limited to specific hours of the day.

“Since we entered December, these ATMs have not been dispensing as much. There is naira scarcity, and most likely it may be because we are approaching December, but only CBN can explain this new scarcity,” he remarked.

This development occurs in the context of the Central Bank of Nigeria’s directive that both the old and redesigned Naira notes remain legal tender in the country. The recent Supreme Court judgment granted the federal government’s request to lift the December 31 extension deadline for the usage of N200, N500, and N1,000 notes.

In response to the judgment, the CBN emphasized, “To avoid doubt, the Supreme Court ordered that the old versions of N200, N500 and N1000 banknotes, alongside the redesigned versions, shall continue to be legal tender. Accordingly, in line with Section 20(5) of the CBN Act 2007, all banknotes issued by the Central Bank of Nigeria will remain legal tender indefinitely.”

Source: Bushradiogist

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