The Central Bank of Nigeria (CBN) may have halted the supply of new N200, N500 and N1,000 notes to Money Deposit Banks (DMBs), causing frustration for Nigerians eager to transact with them.
Several banks reported not receiving new notes from the CBN, while others claimed that the old notes they had been given were insufficient to meet customers’ demands.
As a result, many bank branches were rationing cash payments, with some customers only able to withdraw as little as N5,000 or N10,000. The cash crunch has persisted despite the CBN’s recent request for banks to accept and pay old Naira notes.
The shortage has been attributed to the CBN’s currency reforms program, including the cash limit and Naira redesign policies.
Some experts have expressed concern that the scarcity of new Naira notes may lead to confusion and adversely affect commerce.