As Christmas approaches, a curious situation unfolds in Abuja – a shortage of Naira grips parts of the city. In the bustling AYA area, seven banks are withholding cash from ATM users, leaving our reporter unable to withdraw money throughout the week.
While ATMs remain silent, Point of Sale (POS) operators paint a different picture, thriving despite the ATM woes. Some POS operators express dissatisfaction as ATMs dispense cash only at specific times during the day.
As December unfolds, the scarcity of Naira raises questions among residents, prompting speculation on the role of the Central Bank of Nigeria (CBN) in this mystery. Despite the currency crunch, the CBN assures the public that both old and new Naira notes are still valid for transactions.
Adding a legal twist, the Supreme Court’s recent decision allows the continued use of old N200, N500, and N1,000 notes, contrary to the initial deadline. The CBN reinforces this stance, asserting that all banknotes they issue remain valid indefinitely. In Abuja, the insufficient money supply has evolved into a perplexing puzzle for residents.