Some areas in the Federal Capital Territory (FCT) are grappling with a shortage of Naira notes just days before Christmas, with at least seven banks in the AYA area of Abuja reporting failed ATM transactions over the past week.
Despite the scarcity, Point of Sale (POS) operators have seized the opportunity, conducting brisk business in front of these banks.
According to reports, it is discovered that attempts to withdraw cash from the ATMs in the AYA area in Abuja were unsuccessful on Thursday evening.
A POS operator named Samuel expressed frustration, citing a notable decline in ATM functionality and suggesting that cash availability was limited to certain hours.
“Since we entered December these ATMs have not been dispensing as much.
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“There is naira scarcity and most likely it may be because we are approaching December, but only CBN can explain this new scarcity,” Samuel remarked.
This development occurs amid the CBN’s directive affirming that both the old and redesigned Naira notes remain legal tender in Nigeria.
The Supreme Court’s recent judgment further supported the federal government’s decision to lift the December 31 extension deadline for the usage of N200, N500, and N1,000 notes.
In response to the judgment, the CBN clarified, “To avoid doubt, the Supreme Court ordered that the old versions of N200, N500 and N1000 banknotes, alongside the redesigned versions, shall continue to be legal tender.
“Accordingly, in line with Section 20(5) of the CBN Act 2007, all banknotes issued by the Central Bank of Nigeria will remain legal tender indefinitely,” CBN assured. #Abuja