The Centre for Anti-Corruption and Open Leadership (CACOL) has decried the resurgence of naira scarcity in Nigeria, barely a year after the Central Bank of Nigeria’s redesign that resulted in hardship for the citizens. CACOL’s Director of Administration and Programmes, Tola Oresanwo, raised concerns over the shortage of cash in banks, leading to withdrawal limits and difficulties for the public. The Central Bank of Nigeria has attempted to assure the public of sufficient cash supply to banks, but the situation is yet to improve, with reports of limited withdrawals from some banks.
Moreover, the Central Bank of Nigeria has cautioned Point-Of-Sale (PoS) operators over cash availability, highlighting collusions with Deposit Money Banks that have disrupted the Naira’s circulation. The apex bank has warned of legal consequences for parties involved in these acts and advised Nigerians to seek alternative payment platforms while providing a digital channel for lodging complaints.
This situation has sparked public outcry, as the festive season approaches and the demand for cash transactions is expected to rise. CACOL’s criticism reflects the growing concerns over the impact of naira scarcity on the daily lives of Nigerians. As the authorities address these issues, the public awaits tangible solutions to alleviate the challenges posed by the scarcity of the national currency.
