• Home
  • ARTICLES
  • NEWS
  • BUSINESS
  • EDUCATION
  • ENTERTAINMENT
  • HEALTH
  • POLITICS
  • TECHNOLOGY
  • CRIME
  • METRO
  • SPORTS
  • ABOUT US
  • CONTACT US
  • PRIVACY POLICY
  • TERMS OF USAGE
    • ADVERTISE WITH US
DAILY GIST
  • Home
  • ARTICLES
  • NEWS
  • BUSINESS
  • EDUCATION
  • ENTERTAINMENT
  • HEALTH
  • POLITICS
  • TECHNOLOGY
  • CRIME
  • METRO
  • SPORTS
  • ABOUT US
  • CONTACT US
  • PRIVACY POLICY
  • TERMS OF USAGE
    • ADVERTISE WITH US
No Result
View All Result
  • Home
  • ARTICLES
  • NEWS
  • BUSINESS
  • EDUCATION
  • ENTERTAINMENT
  • HEALTH
  • POLITICS
  • TECHNOLOGY
  • CRIME
  • METRO
  • SPORTS
  • ABOUT US
  • CONTACT US
  • PRIVACY POLICY
  • TERMS OF USAGE
    • ADVERTISE WITH US
No Result
View All Result
DAILY GIST
No Result
View All Result

BREAKING: Naira Scarcity Worsens As Major Banks Exhaust Cash

Adam PR by Adam PR
March 11, 2023
in BUSINESS
0
BREAKING: Naira Scarcity Worsens As Major Banks Exhaust Cash
19.9k
SHARES
19.9k
VIEWS
Share on WhatsAppShare on TwitterShare on Facebook
Share This News

The crisis rocking the nation over the controversial naira redesign and cashless policy introduced by the Federal Government through the Central Bank of Nigeria (CBN) may worsen in the coming weeks, The PUNCH reports.

Recall that the Supreme Court had extended the validity of the old naira notes until December 31st, but the silence of President Muhammadu Buhari on the judgment of the apex court had fuelled the rejection of the remaining old N1,000 and N500 as legal tender. Some banks had on Monday commenced paying customers the old notes in partial compliance with the Supreme Court judgment, but by Wednesday, the banks stopped disbursing the old notes as the CBN insisted that it had not given any directive to that effect.

It was gathered that cash had dried up in most banks in Lagos and Ogun states due to what senior bankers described as the inability of the CBN to supply them with new naira notes.

A branch manager of a Tier-1 bank revealed that his branch last received cash last Tuesday, adding that bankers were also frustrated about the currency crisis affecting the nation.

The Lagos-based branch manager said: “There have been no supplies of new naira notes to my branch and other neighbouring branches this week. The last supply we got was N5m last week Monday and another N5m the following day. Members of our bullion van team have been on standby throughout this week, awaiting signals to come to the CBN to pick cash, but there has been no signal. The N10m we got last week didn’t last up to Wednesday.

“Following the Supreme Court judgment, we were initially paying out the old N1,000, and N500 notes deposited with us and which had not been deposited with the CBN to desperate customers, but we had to stop when the customers came back to complain that people were not accepting the old notes from them.”

ALSOREAD

BREAKING: CBN Approves Circulation Of Old Notes

BREAKING: Banks Resume Old Notes Circulation

Naira Scarcity: Buhari Wants Tinubu To Lose, Hell-bent On Destroying APC Before Leaving – Ganduje

BREAKING: Unrest, Riots In Lagos Over Old Naira Notes(Videos)

They Want Interim Government, SDP Cautions Youths Against Protest

Another senior banker added that his first-generation bank had not been supplied new naira notes to disburse to customers.

He said, “Even me as a banker, I can only boast of N100 as I am speaking to you. We have not been supplied with cash this week. The Nigeria Inter-Bank Settlement System Instant Payment platform is not working; the digital payment systems are overwhelmed. When you see crowds at our branches now, we are not giving them cash. What we are doing is to deal with complaints arising from digital payments.

“I think it is deliberate not to supply naira notes to the banks because the government and the CBN don’t want politicians to mop them up. Politicians are desperately looking for cash to pay their agents now. I know of a candidate for the Lagos State House of Assembly who has launched a passionate appeal to his friends to raise money to pay his party agents, who were not paid after the presidential and National Assembly elections and threatened not to take part in the governorship and state House of Assembly. “

An operations manager in one of the commercial banks said his branch had been unable to dispense cash to customers because it did not have any.

She explained that her branch had not received any cash from the headquarters in the last one month and that the most recent any of the nearby branches received cash was two weeks ago.

“The cash scarcity is getting worse. Even as a bank worker, I don’t have cash to spend. We have not been receiving money from the headquarters and so we have nothing to give to customers,” she told the publication.

Asked if they had a directive to dispense the old notes in compliance with the Supreme Court ruling, she said, “No, there is no communication from our headquarters in that regard. We have some old notes that customers deposited, which we can pay for now, but we don’t have an instruction to disburse them.

“Ordinarily, people expected the banks to start paying the old notes immediately after the Supreme Court ruled on the matter on March 3, but we needed a directive from the CBN through our headquarters to do that. So, the challenge is three-pronged; the CBN did not release the old notes for us to circulate; we don’t have the authorisation to dispense the old notes we have in our vault; and the CBN has refused to supply us new notes. That is what is responsible for the scarcity everywhere.

“The last time my branch received old notes was early February, about a month ago. Our zonal branch received N3m from the headquarters, and under that zone, we have eight branches. By the time that was shared between the eight branches, what got to the branches was insignificant, and it didn’t even last a day. Don’t forget that the bankers are also cash-strapped.”

Kindly Share This News On Social Media

JOIN US ON TWITTER

Follow DAILY GIST on Twitter for more BREAKING NEWS

FOR ADVERTS, PUBLICATION AND PROMOTIONS, CONTACT DAILY GIST ON WHATSAPP – 09061956151

Share This News
Tags: BanksCashNaira Scarcity
Previous Post

JUST IN: FG Proposes New Date For Census

Next Post

BREAKING: OAU Shifts Resumption Date

Adam PR

Adam PR

AdamPR is a young Blogger, Publisher, Web Designer. For Adverts and Publications, He can be reached on WhatsApp - 07069173969

Related Posts

BREAKING: CBN Approves Circulation Of Old Notes
BUSINESS

BREAKING: CBN Approves Circulation Of Old Notes

March 7, 2023
JUST IN: First Bank Gives Condition To Accept Old N500, N1,000 Notes From Customers
BUSINESS

BREAKING: Banks Resume Old Notes Circulation

March 6, 2023
BREAKING: Online Store, Jumia Sacks Over 900 Workers
BUSINESS

BREAKING: Online Store, Jumia Sacks Over 900 Workers

February 17, 2023
JUST IN: First Bank Gives Condition To Accept Old N500, N1,000 Notes From Customers
BUSINESS

JUST IN: First Bank Gives Condition To Accept Old N500, N1,000 Notes From Customers

February 17, 2023
BREAKING: Arrest Warrant: Reps Grill CBN Governor, Emefiele
BUSINESS

Why We Can’t Print Enough New Notes – CBN Governor, Emefiele Speaks

February 11, 2023
President Buhari Extends Deadline For Old Naira Notes Deposit By 17 days
BUSINESS

President Buhari Extends Deadline For Old Naira Notes Deposit By 17 days

January 30, 2023
Next Post
BREAKING: OAU Shifts Resumption Date

BREAKING: OAU Shifts Resumption Date

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

TRENDING NEWS

  • BREAKING: LP Governorship Candidate, GRV Loses Polling Unit To Sanwo-Olu

    BREAKING: LP Governorship Candidate, GRV Loses Polling Unit To Sanwo-Olu

    19712 shares
    Share 7885 Tweet 4928
  • BREAKING: INEC Postpones Governorship Election In Lagos

    19707 shares
    Share 7883 Tweet 4927
  • BREAKING: NLC Declares Nationwide Strike

    19702 shares
    Share 7881 Tweet 4926
  • BREAKING: APC Campaign DG Found Dead

    19701 shares
    Share 7880 Tweet 4925
  • BREAKING: CBN Approves Circulation Of Old Notes

    19821 shares
    Share 7928 Tweet 4955
  • BREAKING: I Won Lagos Guber Election — LP Candidate, GRV

    19701 shares
    Share 7880 Tweet 4925
  • BREAKING: INEC Declares Adamawa Governorship Election Inconclusive

    19701 shares
    Share 7880 Tweet 4925
  • BREAKING: Tinubu Rules Out Govt Of National Unity

    19701 shares
    Share 7880 Tweet 4925
  • BREAKING: Labour Party Wins First Governorship Election

    20442 shares
    Share 8177 Tweet 5111
  • BREAKING: Ekweremadu, Wife Found Guilty Of Organ Trafficking In UK, To Be Sentenced

    20434 shares
    Share 8174 Tweet 5109

DAILY GIST reports Latest News in Nigeria and aims to keep Nigerians updated and informed with Reports and Informations in the aspect of Education, Politics, Health, Business, Technology, Jobs, Entertainment. etc

  • Home
  • ABOUT US
  • CONTACT US
  • PRIVACY POLICY
  • TERMS OF USAGE
  • ADVERTISE WITH US
  • DESIGNED BY ADAMPR

DAILY GIST © 2020 | All Rights Reserved

No Result
View All Result
  • Home
  • ARTICLES
  • NEWS
  • BUSINESS
  • EDUCATION
  • ENTERTAINMENT
  • HEALTH
  • POLITICS
  • TECHNOLOGY
  • CRIME
  • METRO
  • SPORTS
  • ABOUT US
  • CONTACT US
  • PRIVACY POLICY
  • TERMS OF USAGE
    • ADVERTISE WITH US

DAILY GIST © 2020 | All Rights Reserved