The apex bank announced plans to extend the validity of the old N200, N500, and N1,000 notes indefinitely. The bank noted that it was working with relevant authorities to vacate the subsisting court ruling on the same subject.
Despite moves by the Central Bank of Nigeria (CBN) to formally extend the validity of the old naira notes, reports of scarcity have emerged across the country.
Recall that the CBN had affirmed that it has enough currency notes in the market and, hence, no need for panic withdrawals by members of the public.
On Wednesday, Ekweanaedo News reported that the CBN filed an application before the Supreme Court seeking an extension for old naira notes to remain in circulation.
Ekweanaedo News confirmed scarcity in some parts of Abuja, Lagos, Kano, Kwara, Gombe, Edo, Sokoto, and Ekiti States. Visits to some banks on Wednesday revealed scanty banking halls and ATM galleries due to the scarcity Naira notes.
A customer, who gave his name as Ganiyu Tunde, at the Union Bank branch along Oshodi Expressway in Lagos claimed that banks were only dispensing N5,000 via ATMs to non-customers.
Bank customers of Union Bank were, however, able to get up to N20,000 at the ATM and inside the bank. The rows of ATMs at an Access Bank branch nearby were empty because there was no cash in them as of the time of filing this report.
A banker who spoke to media on the condition of anonymity blamed the cash scarcity on weak supply from the CBN.
The banker said,
“It is the CBN that is responsible for this cash scarcity. We are not getting enough from them. They are just causing unnecessary suffering for the masses.”
A bank teller who works with Guaranty Trust Bank Plc in their Palmgrove Branch, Lagos, affirmed to newsperson that customers cannot withdraw more than N20,000.00 across the counter. According to the teller, the bank was experiencing a shortage of cash.
In the Federal Capital Territory, one Festus Okoromadu expressed concern that he could not withdraw at the First Bank branches in his area.
He said,
“What I was told was that the bank’s network was temporarily unavailable, which made the transaction impossible. This has been the case at some of the banks in the FCT in recent times. Withdrawing money is becoming more challenging.”
In Kano, some commercial banks were not honouring customer withdrawal requests, and ATM galleries were dry.
