Naira scarcity has hit Ondo State despite assurance from the Central Bank of Nigeria (CBN) that the notes were adequately in circulation nationwide. 

The scarcity, taking its toll on the buyers and sellers in the state, is coming barely a month before Christmas. Peoples Gazette reports that the scarcity mostly affects bank customers and Point of Sales operators.

A visit to major banks in Akure on Thursday showed customers at the entrances of the financial institutions complaining over their inability to get enough cash. 

A customer with the Ecobank in the Alagbaka area of Akure, Funmilayo Adelaide, who spoke to The Gazette, claimed she could not get enough cash despite her plea with the cashiers.  

“It’s frustrating coming here today and the cashiers telling us there’s a limit to the cash available for withdrawal. I could not withdraw more than 20,000 Naira. It’s painful, and I needed cash to pay for my goods, which just arrived on credit,” she said. 

As Ms Adelaide continued to groan over the scarcity, another customer with the bank, Olamide Adebiyi, said the Automated Teller Machine (ATM) had stopped dispensing cash. 

Mr Adebiyi, a Point of Sales (PoS) operator, said he was in the bank to withdraw N200,000 until the ATM stopped dispensing. 

“We were in the queue to withdraw from the ATM, but suddenly it stopped dispensing. I’m here to withdraw the N200,000 deposited with me by one of our customers a few days ago. It’s like we have returned to the old days of Emefiele now, “ said Mr Adebiyi. 

At the Guarantee Trust Bank beside the CBN headquarters in Akure, The Gazette learnt from bank officials that customers cannot withdraw more than N20,000 on the counter. 

A customer, who spoke anonymously, said the financial institutions in the state were experiencing a shortage of cash from the apex bank. 

“It’s not only GTBank. Majorly all the banks here are experiencing the shortage of cash from CBN, and customers are not bringing enough funds for deposit,” he stated.

Sources in Owo, Ikare, Idanre and Okitipupa revealed that they also experienced scarcity. 

A business owner in Ikare, Jude Lawson, said many customers complained of ‘no cash’ in the banks, adding that he transacted using “transfer of funds.”

Efforts to get comments from some managers of Ecobank, GTbank and Access Bank in Ondo proved abortive.  

The CBN had assured that it had enough naira notes to facilitate economic activities amid panic by citizens over the legality of the old notes still in circulation. 

“For the avoidance of doubt, while reiterating that there are sufficient banknotes across the country for all normal economic activity, we wish to state unambiguously that every banknote issued by the Central Bank of Nigeria (CBN) remains legal tender and should not be rejected by anyone, as stipulated in Section 20(5) of the CBN Act, 2007,” the CBN said in a statement signed by its spokesperson, Isa AbdulMumin, last week. 

A source from the CBN office in Akure who spoke to The Gazette anonymously attributed the scarcity to customers’ refusal to deposit funds in banks. 

“Although I’m not authorised to speak to the press, what’s currently happening in the state is because customers are not depositing funds in the bank. 

“I’m sure it was because of the initial deadline for the expiration of the old notes, but the CBN is clear on this and has instructed the banks to still accept the old naira notes as legal tender. So, customers should do away with this panic scarcity everywhere, not even in Ondo alone,” the source said. 

Godwin Emefiele, the former CBN governor, who is currently facing charges, had in October last year announced the redesign of the new naira notes of N200, N500 and N1000 to the country. 

The introduction plunged the country into an economic crisis, with many Nigerians finding it difficult to access cash for transactions.