Following the cash scarcity of the banknotes that appear unabated as multiple pressure points in the circulation of both new and old notes by the Central bank of Nigeria , the apex
bank is set to disburse more old naira notes to the market to ease off the scarcity.Reliable sources in the CBN said banks have been instructed to collect the old Naira notes they deposited in CBN and that before the end of the week, the country would be awash with Naira notes.
Since the compliance by the financial sector regulators and operators with the Supreme Court ruling on cash policy of the Central Bank of Nigeria, CBN, Nigerians especially banks customers were disappointed that the situation has not improved much. Nigerians heave a sigh of relief Following the directives from CBN on the old notes while access to cash improved as banks began to pay out the old notes to customers. But the improvement in access to cash experienced by bank customers was temporary and did not last beyond last Wednesday . The cash crunch reemerged on Thursday and worsened on Friday before the gubernatorial election nationwide.
A bank customer (Name withheld ) speaking with our correspondent said the only solution is for CBN to circulate both old and new Naira notes “It will be difficult for the queue to disappear from the banks and ATMs even after election. The immediate solution is for the CBN to release old notes concurrently with the new notes.The CBN should equally instruct the banks to discontinue the cash withdrawal limit as it violates the Supreme Court ruling”
