Recent developments in the financial sector reveal a deepening crisis as the scarcity of Naira notes persists, leading banks to ration cash across counter transactions.


Despite the Central Bank of Nigeria's (CBN) efforts to alleviate the situation by temporarily suspending charges for cash withdrawals above regulatory limits, the shortage of currency notes nationwide continues to intensify, even post-Yuletide season.


Financial Vanguard's investigation uncovered that banks nationwide are restricting both over-the-counter withdrawals and Automated Teller Machine (ATM) transactions.


Concurrently, Point of Sale (PoS) operators have exploited the situation by increasing transaction fees by no less than 100%.


While the CBN had recently suspended charges for cash withdrawals above regulatory limits, the practical application falls short, with banks setting withdrawal limits considerably below the stipulated caps for both individuals and corporate account holders.




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https://naijaupdate.ng/naira-notes-scarcity-worsening-crunch-forces-banks-to-ration-cash-across-the-counter/

Yet they keep claiming there's no scarcity. Pos withdrawal fees is now N200

God abeg this is not the type of news we want hear in this new year

This country sef

Can't these APC people get anything right ?