Abuja Experiences Naira Shortage with ATMs Unable to Dispense Cash

Some areas within the Federal Capital Territory (FCT) are currently facing a shortage of Naira as the Christmas season approaches in Nigeria.

In the AYA area of Abuja, at least seven commercial banks were unable to dispense cash on Thursday. A correspondent from DAILY POST, who visited the ATMs on Thursday evening, reported unsuccessful withdrawal attempts, a situation persisting for about a week. Interestingly, Point of Sale (POS) operators were observed in significant numbers outside these banks, engaging in brisk business.

Expressing concern, a POS operator named Samuel lamented the inadequate cash availability from ATMs, pointing out that withdrawals were only possible during specific hours of the day.

“Since the beginning of December, these ATMs have not been dispensing as expected. There seems to be a scarcity of Naira, possibly due to the approaching holiday season. However, only the Central Bank of Nigeria (CBN) can provide an explanation for this new scarcity,” Samuel remarked.

This situation arises amidst the Central Bank of Nigeria’s directive affirming that both the old and redesigned Naira notes maintain legal tender status in the country. The Supreme Court’s recent judgment granted the federal government’s request to lift the December 31 deadline for the usage of N200, N500, and N1,000 notes.

Responding 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.”