Naira still scarce despite CBN’s new directive
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Loading... - Itoro Effiong
- 24 Mar 2023
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The scarcity of cash persisted on Thursday across the country despite the new directive by the Central Bank of Nigeria (CBN) that banks should withdraw the old notes and dispense to customers to stimulate the economy.
But expectations are high that there would be cash today (Friday) as some banks on Thursday evening collected cash from the CBN.
Investigation showed that as at the close of work on Thursday, two banks had collected cash from the CBN. One of the banks collected N20 million to be distributed across its branches.
“We just received N20 million from the central bank now,” said a bank official at the headquarters of the bank who is not permitted to speak on the issue.
“We will commence the distribution of the money to all our branches across Lagos by tomorrow. The money is too small and won’t be enough to meet our customers’ needs,” he said.
There reports on Thursday that the CBN had instructed deposit money banks to immediately collect the old naira notes they deposited in its branches to ease the cash crunch across the country.
Our correspondent visited some bank branches and observed that they were not dispensing cash to customers. Some of the banks visited on Lagos Island include First Bank of Nigeria, GTBank, Access Bank, Zenith Bank, UBA, while others were on Ikorodu Road.
One of the Access Bank branches at Victoria Island said it had been dispensing cash since Tuesday but it was exhausted around 11am on Thursday. Read More…
