It is another holiday season, and the talk of the town, especially with the deposit money banks, is that of naira scarcity and that the only thing that they can do is transfer money from one account to another.

This has caused a lot of confusion and frustration among the public, especially the ones that deal in cash transactions.

Some of the commercial banks have also implemented measures to address these concerns, such as providing alternative payment methods and increasing the availability of cash at ATMs.

But some members of the public still face difficulties accessing their money due to the ongoing shortages.

Some banks have also implemented a withdrawal limit of N5,000, and in some banks, N10,000, which has caused frustration among customers.

The Central Bank of Nigeria daily withdrawal limit is N100,000 for an individual and N1,000,000 for a corporate entity.

Some POS operators have increased their charges, Mr Kunle said that he was charged N1,000 for N20,000 withdrawal.

There are some to curb naira scarcity which the Central Bank of Nigeria has put in place.


https://samsunblog.com/2023/12/25/naira-scarcity-what-is-the-situation-with-the-banks/