Despite the extension of the deadline by the Central Bank of Nigeria on Sunday, scarcity of the new naira notes worsened yesterday as Nigerians were unable to get cash from counters in banks in many parts of the country.
It was also tough getting money from Automated Teller Machines (ATMs) of the banks as well as Point of Sales (PoS).
Buyers and sellers, especially in informal markets were stranded as some of them were still finding it difficult to agree on cash transfers.
Even though it was Monday, many banks could not attend to desperate customers over the counter. On the other hand, PoS terminals that are a critical part of the payment system do not have the new naira notes to give customers.
“Some POS operators yesterday collected as much as N1,000 to release N10, 000. The total number of POS machines deployed by merchants and individuals across Nigeria hit 1.6 million in November 2022, according to the data released by the Nigeria Inter-Bank Settlement System (NIBSS).
