Bizarre: Naira Scarcity Worsens As Banks Limit Withdrawals, ATMs Run Dry

Naira scarcity is biting harder across the country as banks have limited cash withdrawals, findings by Daily Trust have shown.

Residents of Lagos, Abuja, Kano, Katsina, Jigawa and Adamawa and in other parts of the country are expressing concerns over their inability to withdraw huge cash in their banks, raising fears of scarcity as experienced during the naira swap.

This has also affected business transactions in local markets, especially in the northern part of Nigeria where buyers and sellers prefer to deal in cash instead of bank transfers.

Daily Trust had, on November 1, reported that cash scarcity had resurfaced in Borno and Kano states as the December 31 deadline for the use of the old N200, N500 and N1,000 banknotes draws nearer.

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