Naira scarcity hits Abuja as ATMs fail to dispense cash

Some areas within the Federal Capital Territory, FCT, are starting to face a shortage of the Naira as the Christmas season approaches for Nigerians.

In the AYA area of Abuja, at least seven commercial banks failed to dispense cash on Thursday. A correspondent from DAILY POST visited these ATMs and reported an inability to withdraw money, a situation persisting for about a week.

During the visit, it was observed that Point of Sales (POS) operators gathered in significant numbers outside these banks, engaging in brisk business.

Expressing concern, a POS operator named Samuel lamented the cash dispensing issues at ATMs, noting that cash availability has been limited to certain hours of the day.

“Since we entered December, these ATMs have not been dispensing as much. There is a scarcity of Naira, and it may be due to the approaching December, but only the Central Bank of Nigeria (CBN) can explain this new scarcity,” he remarked.

This development occurs in the context of the CBN’s directive that both the old and redesigned Naira notes remain legal tender in Nigeria. The Supreme Court also granted the federal government’s request to lift the December 31 extension deadline for the usage of N200, N500, and N1,000 notes. The CBN emphasized that all banknotes issued by the Central Bank of Nigeria would continue to be legal tender indefinitely, in line with the Supreme Court’s order.