Experts and Bank Clients Have Different Opinions About Year-End Cash Availability

Experts and Bank Clients Have Different Opinions About Year-End Cash Availability

By Philip Shimnom Clement; from Eugene Agha in Lagos, Hamisu Kabir Matazu in Maiduguri, and Ahmad Datti in Kano Following early warnings to deposit money banks (DMBs) by the Central Bank of Nigeria (CBN) intended to restore discipline and efficiency to the cash distribution system, Nigerians were able to celebrate the Christmas and New Year holidays without the familiar frustration of cash scarcity for the first time in recent years.Bank customers and dealers reported having easy access to naira notes through bank branches, Automated Teller Machines (ATMs), and other cash-dispensing channels in major cities like Lagos, Abuja, Kano, and Calabar.Nonetheless, a few locals mentioned areas of scarcity, which prompted them to use Point-of-Sale (POS) businesses. In contrast to prior years, when the holiday season was frequently marred by long lines, empty ATMs, and limited withdrawals, this reprieve represents a significant change.

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