Thelma Osatohanmwen
As Nigerians begin to experience the emergence of the second phase of cash crunch, Christmas shoppers have expressed frustration over challenges in accessing cash for vital Yuletide purchases.
NEWSTODAYNG gathered that various Banks have resulted to ration over-the-counter cash, and numerous ATMs in major cities such as Lagos, Abuja, and Osogbo are reported to be out of service.
Despite assurances from the Central Bank of Nigeria (CBN) that additional cash has been released, shoppers recount difficulties in obtaining physical currency.
Poultry sellers and local stores are particularly impacted, insisting on cash payments, leaving those reliant on digital transactions at a disadvantage.
Roadside traders and Christmas shoppers have shared their struggles, emphasizing the impact on businesses and holiday preparations.
Point of Sale (PoS) operators, facing cash shortages, increase service charges, further burdening customers.
The scarcity has led to a surge in bank transfers for payments, but concerns about electronic payment scams persist.
Some traders prefer cash payments due to uncertainties surrounding digital transactions.
In a recent development, the Governor of the CBN, Yemi Cardoso, attributes the cash scarcity to poor implementation of the naira redesign policy, resulting in widespread hoarding.
The CBN has announced a comprehensive review initiative to address policy defects.
The cash crunch has cascading effects across states, with reports of long queues at ATMs, limited cash withdrawals, and increased service charges by PoS operators.
Despite the CBN’s assurance of sufficient cash in circulation, residents in various regions, including Makurdi, Gusau, Benin, Sokoto, and Gombe, experience challenges accessing physical currency.