Kano, Sokoto, Edo, others in turmoil over fresh Naira scarcity

Despite recent assurances by the Central Bank of Nigeria that there is enough naira in circulation, reports of scarcity have emerged across the country.

A survey by The PUNCH, on Wednesday, confirmed scarcity in some parts of Abuja, Lagos, Kano, Kwara, Gombe, Edo, Sokoto, and Ekiti States. Many bank customers and Point of Sales operators, who spoke to The PUNCH, lamented that it is becoming a challenge to access cash for their economic activities.

This is coming weeks after the apex bank affirmed that it has enough currency notes in the market and hence no need for panic withdrawals by members of the public.

In a circular titled ‘All Banknotes Issued by the CBN Remain Legal Tender,’ signed by Director, Corporate Communications, Isa AbdulMumin, the bank stated that it was aware of reported scarcity of cash across some major cities. It noted that there have also been concerns among some members of the public over the legality of old naira notes.

The bank said, “For the avoidance of doubt, while reiterating that there are sufficient banknotes across the country for all normal economic activity, we wish to state unambiguously that every banknote issued by the Central Bank of Nigeria (CBN) remains legal tender and should not be rejected by anyone, as stipulated in Section 20(5) of the CBN Act, 2007.”

It cautioned members of the public to avoid panic withdrawals and stressed that it has enough currency notes to facilitate normal economic activities.

The concern from members of the public over the legality of old naira notes is connected to issues surrounding the naira redesign policy of the apex bank.