Naira Scarcity Hits Nigeria’s FCT, ATMs Unable to Dispense Cash

Naira Scarcity has hit Nigeria’s FCT as ATMs are unable to dispense cash in Abuja.

 

NewsOnline Nigeria reports that some parts of the Federal Capital Territory, FCT, are beginning to experience paucity of the Naira as Nigerians approach Christmas.

 

This Nigeria news understands that no fewer than seven commercial banks in the AYA area of Abuja failed to dispense cash on Thursday.

 

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Our correspondent, who visited these ATMs on Thursday evening, reports that he could not withdraw, and it has been the case for about a week.

Our correspondent, however, observed that Point of Sales, POS, operators lined up in their numbers in front of those banks to make brisk business.

 

One of the POS operators, who identified himself as Samuel, lamented that the ATMs have not been dispensing cash as expected.

 

He noted that cash was only available at certain 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 said.

 

This is coming amid the Central Bank of Nigeria, CBN, directive that both the old and the redesigned Naira notes remain legal tender in Nigeria.

 

The Supreme Court also in its judgment granted the prayers of the federal government to lift the December 31 extension deadline for the usage of N200, N500, and N1,000 notes.

 

While responding to the judgement, the CBN had this to say: “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.”