Naira Scarcity Update: Latest CBN News On Naira Notes Today March 27th 2023

Naira Scarcity Update: Latest CBN News On Naira Notes Today March 27th 2023

Following the Naira Scarcity in Nigeria, Flippstack has compiled Latest CBN News On Naira Notes Today March 27th, 2023.

Nigeria has been experiencing a scarcity of naira notes, which has caused significant hardship for millions of Nigerians.

The scarcity of naira notes has led to long queues at banks, with customers struggling to withdraw cash to meet their daily needs. Many businesses have been forced to shut down, while others have had to scale back operations due to the inability to obtain cash. The situation has also led to an increase in the charges of Point of Sale (PoS) operators, who facilitate electronic transactions for customers.

The Central Bank of Nigeria (CBN) has been working to address the situation by directing banks to open on weekends and disbursing old naira notes to them. The CBN has also been monitoring compliance by banks to ensure the proper disbursement of the old notes. However, the situation has not fully normalized, and some Nigerians continue to face difficulties accessing cash. which has brought us to bringing you latest news on the naira scarcity and cbn news today

Latest CBN News On Naira Notes Today March 27th 2023

Naira scarcity to ease as banks open today, Monday 27th March 2023

In a bid to address the ongoing scarcity of naira notes in Nigeria, the Central Bank of Nigeria (CBN) has directed all commercial banks to operate on Saturdays and Sundays. The move is part of a coordinated effort to ease the circulation of banknotes of various denominations and follows the evacuation of banknotes from the CBN’s vaults to commercial banks across the country.

Following a meeting between CBN Governor Godwin Emefiele and bank CEOs on Wednesday, the apex bank began the disbursement of old naira notes to banks on Thursday. The CBN also announced plans to monitor compliance with the directive through a team of officials.

On Thursday, delegates from the CBN also met with the Nigeria Labour Congress at the Labour House in Abuja to address a planned protest over the scarcity of naira notes. The union, through its President Joe Ajaero, had expressed frustration with the situation and stated its intention to hold a nationwide strike.

However, a statement from the CBN‘s Acting Director of Corporate Communications, Isa AbdulMumin, confirmed that commercial banks had received a substantial amount of money, in various denominations, for onward circulation to their customers. The CBN had directed all banks to load their Automated Teller Machines (ATMs) and conduct physical operations in the banking halls over the weekends. The statement also noted that Governor Emefiele would personally lead teams to monitor compliance by banks across the country.

Several deposit money banks, including Guaranty Trust Bank, Zenith Bank, Stanbic IBTC, and Union Bank, issued statements on Friday informing their customers that their branches would be open for cash withdrawals and deposits over the weekend.

In light of the ongoing currency scarcity and the planned strike, many Nigerians are hopeful that the CBN’s latest directive will help ease the situation. However, with naira rationing and other challenges still impacting customers, it remains to be seen how effective the new measures will be in the long run.

Naira scarcity: Banks ration old notes, and long queues persist

Following the Central Bank of Nigeria’s directive, banks across Lagos, Ogun, and the Federal Capital Territory opened their doors to customers on Saturday, allowing them to withdraw cash. However, despite this move, some long-standing issues persisted, as customers reported that they were still facing naira rationing.

Despite these challenges, many customers expressed relief at finally being able to access their funds after over two months of scarcity. Throughout the day, long queues were recorded at bank branches, with some customers waiting for hours to make their withdrawals.

In Lagos, some banks reported that they had to limit the amount of cash customers could withdraw, citing limited availability. Meanwhile, in the Federal Capital Territory, customers expressed frustration at the slow pace of transactions, with some complaining about the lack of adequate infrastructure to support the high demand for cash.

Overall, while the opening of banks on Saturday was a welcome development for many customers, it also highlighted some of the ongoing challenges facing Nigeria’s financial system. With naira rationing and limited cash availability still posing significant issues for customers, it remains to be seen how the country’s banking sector will address these challenges in the long term.

CBN Issues New Directive to All Banks Over Naira Scarcity

In response to the ongoing naira scarcity in Nigeria, the Central Bank of Nigeria (CBN) has issued a new directive to all commercial banks in the country to open for operation on Saturdays and Sundays. The aim is to facilitate the circulation of banknotes of various denominations, which is expected to ease the economic impact of the naira shortage.

Dr. Isa AbdulMumin, the Acting Director of the Corporate Communications Department of the CBN, disclosed this in Abuja on Friday, March 24, 2023. He also confirmed the evacuation of banknotes from the CBN’s vaults to commercial banks across the country.

CBN takes action to ease naira scarcity by evacuating banknotes and mandating Banks operate on weekends

The Central Bank of Nigeria (CBN) has taken measures to improve the circulation of banknotes in various denominations. The CBN has directed all commercial banks to open for operation on Saturdays and Sundays to ensure that banknotes are readily available for customers.

Furthermore, the CBN has confirmed that a substantial amount of money in various denominations has been evacuated from its vaults and distributed to commercial banks across the country. The Acting Director of the CBN’s Corporate Communications Department, Dr. Isa AbdulMumin, disclosed this information, adding that the money has been received by commercial banks for onward circulation to their customers.

PoS operators reduce charges as naira scarcity eases

Point of Sale (PoS) operators in Nigeria have reduced their charges following an improvement in the availability of naira notes. The move is expected to ease the financial burden on customers who have been struggling to access cash due to the ongoing currency scarcity in the country.

PoS operators reduce charges as naira scarcity eases

Mohammed stated that he now charges N600 for every N10,000 transacted, a significant reduction from his previous rate of N3,000 per N10,000. The reason for this reduction is that PoS operators can now obtain money from banks, unlike before when they were forced to purchase from filling stations or traders.

Dapo Olagoke, a PoS agent in Ketu Market, Lagos, also stated that her charges have decreased since banks began paying out old N500 and N1,000 notes. With more money in circulation and cash now available from banks, the demand and supply of funds now determine the charges of PoS operators, she explained.

On the other hand, Mary Anyawu, a PoS operator in Ojodu Berger, Lagos, mentioned that she now charges N400 for every N10,000 transacted, a decrease from the N1,500 she was charging the previous week due to the scarcity of cash. She had to shut down her business when there was a scarcity of naira notes and could only resume operations when old notes became legal tender again and money was available from banks.

The reduction in charges is expected to provide relief to Nigerians who have been struggling to carry out transactions due to the shortage of physical cash. It will also encourage the use of electronic payment methods, which are seen as a more convenient and efficient way of conducting transactions.

The availability of naira notes has been a major concern in Nigeria in recent months, with many customers facing long queues and delays in accessing cash from banks. The Central Bank of Nigeria (CBN) has been taking measures to address the issue, including directing commercial banks to operate on weekends and disburse old naira notes to address the currency scarcity.