Naira scarcity strikes in Nigeria again

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The Centre for Anti-Corruption and Open Leadership, CACOL, on Thursday, decried the current naira scarcity being witnessed in various parts of the country.

A statement issued by CACOL’s Director of Administration and Programmes, Tola Oresanwo, on behalf of the anti-graft organisation’s chairman, Mr Debo Adeniran, noted: “We have observed that barely a year after the Central Bank of Nigeria naira redesign that ended up as a colossal fiasco and subjected our people to untold hardships, naira scarcity has resurfaced in the country.

“It was reported that since last month, banks started imposing daily individual withdrawal limits of between N20,000 and N40,000, which was mainly due to the shortage of cash in their vaults. Although the Central Bank has tried to assuage the apprehension of the people by repeatedly assuring them that it had supplied the banks with enough cash, the situation has yet to improve. As we speak now, you cannot withdraw more than N10,000 from some banks. This is not a good time for this anomaly as we are approaching the festive season when the majority of our people who rely on cash transactions would likely demand more cash to facilitate their various transactions.