Akwa Ibom witnesses a resurgence of cash scarcity as the December 31 deadline approaches.

The shortage of Naira notes has impacted Akwa Ibom State, despite the Central Bank of Nigeria’s assurance that the old notes would remain valid beyond the December 31 deadline.

DAILY POST has observed that residents, particularly traders and filling station owners, are still holding onto the new notes due to concerns about the Supreme Court’s order, which states that the old notes would no longer be valid after December 31.

The Federal government, represented by the Attorney General of the Federation, Lateef Fagbemi, has appealed to the Supreme Court to lift the deadline order, citing the current economic volatility as a reason. Fagbemi has urged the court to allow both the old and new currency to continue as legal tender, emphasizing that any deviation could lead to an economic crisis reminiscent of the cashless policy era under former CBN governor Godwin Emefiele.

Nevertheless, some residents in Akwa Ibom are engaging in panic withdrawals, skeptical of the federal government’s stance on the deadline. Certain traders, who profited significantly during the cashless policy by selling cash to Point Of Sales (POS) operators, have started hoarding cash.

Most commercial banks in Uyo metropolis are not disbursing more than N20,000 in cash over the counter due to the scarcity. Customers are experiencing difficulties withdrawing larger sums, with one individual sharing the frustration of attempting to withdraw N150,000 and N140,000 from two different banks, only to receive N20,000 from each.

A bank staff member, speaking anonymously, expressed concern about the scarcity of cash in banks, attributing it to a decline in customer deposits. The caller in a radio program criticized the Central Bank’s failure to ensure sufficient cash availability and denounced individuals hoarding cash, causing hardship for the masses.

Meanwhile, some POS operators in other local governments of the State mentioned buying cash from traders in Uyo at a reduced rate to sustain their businesses, as they are limited to withdrawing no more than N20,000 from banks.

While concerns persist among residents about the uncertainty of the old Naira notes’ validity after December, some traders have adopted a cautious approach, keeping the new notes separate and advising others to do the same until the situation becomes clearer.