- Nigerians are experiencing severe economic hardship due to cash scarcity.
- Banks have limited cash withdrawals, with some allowing only N10,000 over-the-counter and N20,000 via ATMs.
- The House of Representatives has urged the Central Bank of Nigeria (CBN) to address the cash crunch.
Nigerians are struggling to access cash due to severe withdrawal limits imposed by banks. The situation has led to frustration, long queues, and economic hardship. Bank officials attribute the scarcity to limited cash supply from the CBN and reduced deposits from customers.
Effects of Cash Scarcity
- Economic hardship: Limited access to cash has hindered business transactions and daily activities.
- Increased POS charges: Operators now charge higher fees for withdrawals.
- Long queues: Customers spend hours waiting to withdraw cash.
Call to Action
The House of Representatives has directed the CBN to address the cash crunch, ensuring adequate cash supply to banks. For more information on this developing story, consider checking reputable news sources.
