Latest CBN News On Naira Notes Today March 27th 2023 |FS News
Naira Scarcity : Latest CBN News On Naira Notes Today March 27th 2023 can be accessed below
Following the Naira Scarcity in Nigeria, FS News has compiled Latest CBN News On Naira Notes Today March 27th, 2023.
Nigeria has been experiencing a scarcity of naira notes, which has caused significant hardship for millions of Nigerians.
Naira Scarcity: Banks, Customers Give Fresh Update On Cash Withdrawals
In accordance with the Central Bank of Nigeria’s (CBN) directive, commercial banks opened their doors to customers on Saturday and Sunday to facilitate cash withdrawals. Nevertheless, the naira was still being rationed in certain areas of Lagos, Ogun, and the Federal Capital Territory, causing long queues to form.
Despite the prolonged queues, a few of the bank customers expressed their gratitude for finally having access to their money after more than two months of a naira scarcity.
Reports circulating that the Central Bank of Nigeria (CBN) has suspended the accounts of Fintech companies such as OPAY and PALMPAY have been debunked by the apex bank. The CBN described the reports as fake news and issued a statement to that effect.
Isa AbdulMumin, the Acting Director of Corporate Communications of CBN, made this announcement on Friday, March 24, 2023, in Abuja. He stated that the viral news claiming that the CBN was about to suspend the accounts of the Fintech companies due to their use in perpetrating fraud was simply fake.
According to the news report, the CBN was purportedly suspending the accounts of the Fintech companies because they were being used to commit fraud. The viral news advised people who use OPAY, PALMPAY, or any of the CHINA APPs or their POS to stop keeping large amounts of money in their accounts or stop using them.
OPAY and PALMPAY have denied being under the CBN’s radar in separate social media posts. OPAY issued a statement saying that “the post mentioning the CBN shutting down our operations is false and misleading to the general public.”
Naira scarcity: Banks ration old notes, and long queues persist
Following the Central Bank of Nigeria’s directive, banks across Lagos, Ogun, and the Federal Capital Territory opened their doors to customers on Saturday, allowing them to withdraw cash. However, despite this move, some long-standing issues persisted, as customers reported that they were still facing naira rationing.
Despite these challenges, many customers expressed relief at finally being able to access their funds after over two months of scarcity. Throughout the day, long queues were recorded at bank branches, with some customers waiting for hours to make their withdrawals.
In Lagos, some banks reported that they had to limit the amount of cash customers could withdraw, citing limited availability. Meanwhile, in the Federal Capital Territory, customers expressed frustration at the slow pace of transactions, with some complaining about the lack of adequate infrastructure to support the high demand for cash.
Overall, while the opening of banks on Saturday was a welcome development for many customers, it also highlighted some of the ongoing challenges facing Nigeria’s financial system. With naira rationing and limited cash availability still posing significant issues for customers, it remains to be seen how the country’s banking sector will address these challenges in the long term.
CBN Issues New Directive to All Banks Over Naira Scarcity
In response to the ongoing naira scarcity in Nigeria, the Central Bank of Nigeria (CBN) has issued a new directive to all commercial banks in the country to open for operation on Saturdays and Sundays. The aim is to facilitate the circulation of banknotes of various denominations, which is expected to ease the economic impact of the naira shortage.
Dr. Isa AbdulMumin, the Acting Director of the Corporate Communications Department of the CBN, disclosed this in Abuja on Friday, March 24, 2023. He also confirmed the evacuation of banknotes from the CBN’s vaults to commercial banks across the country.
CBN takes action to ease naira scarcity by evacuating banknotes and mandating Banks operate on weekends
The Central Bank of Nigeria (CBN) has taken measures to improve the circulation of banknotes in various denominations. The CBN has directed all commercial banks to open for operation on Saturdays and Sundays to ensure that banknotes are readily available for customers.
Furthermore, the CBN has confirmed that a substantial amount of money in various denominations has been evacuated from its vaults and distributed to commercial banks across the country. The Acting Director of the CBN’s Corporate Communications Department, Dr. Isa AbdulMumin, disclosed this information, adding that the money has been received by commercial banks for onward circulation to their customers.