Naira scarcity is biting harder across the country as banks have limited cash withdrawals, findings by Daily Trust have shown. Residents of Lagos, Abuja, Kano, Katsina, Jigawa and Adamawa and in other parts of the country are expressing concerns over their inability to withdraw huge cash in their banks, raising fears of scarcity as experienced during the naira swap.
This has also affected business transactions in local markets, especially in the northern part of Nigeria where buyers and sellers prefer to deal in cash instead of bank transfers. Daily Trust had, on November 1, reported that cash scarcity had resurfaced in Borno and Kano states as the December 31 deadline for the use of the old N200, N500 and N1,000 banknotes draws nearer. The report had forced the Central Bank of Nigeria (CBN) to explained that"The seeming cash scarcity in some locations is due largely to high volume withdrawals from the CBN branches by Deposit Money Banks (DMBs) and panic withdrawals by customers from the Automated Teller Machines, ATMs