Only a few days before Christmas, certain parts of the Federal Capital Territory (FCT) are experiencing a naira note scarcity. At least seven banks in the AYA neighbourhood of Abuja have reported unsuccessful ATM transactions during the previous week.
Point of Sale (POS) providers have taken advantage of the situation and are making significant sales in front of these banks despite the shortage.
It has been reported that on Thursday night, attempts to take out cash from the ATMs in the AYA area were unsuccessful.
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Samuel, a point-of-sale employee, expressed dissatisfaction by pointing out a noticeable drop in ATM operation and implying that cash availability was restricted to specific hours.
“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,” Samuel remarked.
This happens in the wake of the CBN’s directive confirming that Nigerian legal money still includes both the original and redesigned Naira notes.
The federal government’s decision to lift the December 31 deadline for the use of N200, N500, and N1,000 notes was further bolstered by the Supreme Court’s recent ruling.
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In response to the judgment, the CBN clarified, “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,” CBN assured.
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