Nigerias Cash Shortage Persists Despite CBN Warning, Leaving Many Struggling to Make Ends Meet

The threat from the Central Bank of Nigeria (CBN) to tackle artificial cash scarcity appears to have had limited impact, with banks continuing to experience shortages despite recent orders. The trend persists in some parts of the country, biting harder than expected during the Yuletide season.

The impact of artificial cash scarcity is still being felt across Nigeria, despite a recent warning from the Central Bank of Nigeria (CBN) urging Deposit Money Banks to take action against the trend. According to findings by Sunday PUNCH, some banks are still resorting to rationing ATM cash and restricting withdrawals, exacerbating the country's ongoing cash shortage crisis. The CBN had issued an ultimatum to banks just days earlier, threatening consequences for non-compliance with the directive aimed at preventing the artificial scarcity. As a result, consumers continue to face difficulties in accessing their funds, further straining the economy.