ADVERTISEMENT
TechEconomy
Thursday, May 29, 2025
No Result
View All Result
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
Podcast

Home » Again, Cash shortage Hits Commercial Banks in Nigeria

Again, Cash shortage Hits Commercial Banks in Nigeria

Techeconomy by Techeconomy
December 5, 2023
in Finance
0
Cash Scarcity
Cash crunch hits banks

Cash crunch hits banks

RelatedPosts

Nigerian Corporate Prosperity in Harsh Economic Times

The Puzzle of Nigerian Corporate Prosperity in Harsh Economic Times

May 28, 2025

AfDB: Nigeria’s Inflation will Drop to 17.3% in 2026

May 28, 2025

Scarcity of the naira currencies has persisted in the commercial banks in Nigeria.

This despite the Central Bank of Nigeria (CBN’s) directives to the banks to continue to issue, accept old and redesigned naira banknotes.

Old N100, N200, N500, N1000 Banknotes Remain Legal Tender Indefinitely, says CBN

Investigations show that banks are still rationing the naira notes to customers in the banking halls, while Automated Teller Machines were programmed to dispense limited cash.

Recall that the country faced massive cash scarcity between February and March this year which resulted to the crumbling of some small businesses.

According to a Punch report, it was that ATMs at FCMB, Gate, Ejigbo, customers who went to withdraw cash were disappointed as they were not dispensing cash.

When some officials of the bank were asked why there was no cash for withdrawal, they said the bank did not load cash into the machine.

At GTBank, Gate Ejigbo, ATM’s were dispensing maximum of N5,000 to non-bank customers, while customers of the bank could withdraw up to N20,000.

Ecobank at Gate, Ejigbo paid non-bank customers up to N10,000, while bank customers could withraw as high as N20,000.

Operators had linked the cash scarcity which commenced in recent weeks to fear that the banking regulator may ban some old denominations by year end.

However, to alleviate the fear, the acting Director, Corporate Communications, CBN, Mrs Sidi Hakama, in a statement, said, “Following the order of the Supreme Court on Wednesday, November 29, 2023, granting the prayer of the Minister of Justice and Attorney-General of the Federation to extend the use of old naira banknotes ad infinitum, the CBN has directed all its branches to continue to issue and accept all denominations of Nigerian banknotes, old and re-designed, to  and from Deposit Money Banks.

“For the avoidance of doubt, the Supreme Court ordered that the old versions of N200, N500 and N1,000 banknotes shall continue to be legal tender, alongside the re-designed versions.”

Some of the spokespersons of the banks who would not want to be quoted said there was no new directive from the CBN to limit the cash transactions to customers.

“The scarcity could be due to some cash hoarded that have not been returned back into the economy,” a bank source said.

[Story Source – Image Source]

Loading

Advertisements
MTN ADS

Author

  • Techeconomy
    Techeconomy

    View all posts
0Shares
Tags: ATMscash crunchcash scarcityCBN
Previous Post

AfriHacks 2023 Hackathon Opens for Web 2 and Web 3 Innovators

Next Post

MTN, Yango Move to Empower Partner Drivers in Côte d’Ivoire

Techeconomy

Techeconomy

Related Posts

Nigerian Corporate Prosperity in Harsh Economic Times
Finance

The Puzzle of Nigerian Corporate Prosperity in Harsh Economic Times

by Techeconomy
May 28, 2025
0

In the first quarter of 2025, a curious paradox is playing out across Nigeria’s economic landscape. Discerning observers will notice...

Read more
Youth in Sub-Saharan Africa prefer money to personal happiness | AfDB and Inflation in Nigeria

AfDB: Nigeria’s Inflation will Drop to 17.3% in 2026

May 28, 2025
fresh loans | A Call for Dialogue and Collaboration - #EndBadGovernance - IMF

Why Tinubu Wants NASS to Approve Fresh $21.5 billion Loans

May 28, 2025
Nairawatch, Naira, Exchange Rate, FX Market, Dollar, CBN Rates, Foreign Exchange

Naira Falls in Official Market, Closes at N1,584/$1

May 28, 2025
Africa's Cross-Border Payments to Hit $1tr by 2035, Facing $5bn in Annual Inefficiencies

Africa’s Cross-Border Payments to Hit $1tr by 2035, Facing $5bn in Annual Inefficiencies

May 27, 2025
NairaWatch, Naira and dollar

Naira Strengthens for Seventh Consecutive Day, Closes at N1,579/$1 in Official Market

May 27, 2025
Next Post
Kadotien Soro, Country Manager of Yango Cote DÍvoire and Honore KOUAME, GM MTN Business 

MTN, Yango Move to Empower Partner Drivers in Côte d'Ivoire

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Techeconomy Podcast

Techeconomy Podcast
Techeconomy Podcast

Infowave is brought to you by TechEconomy. Every week we will bring new stories from startups and influencers who are shaping and changing the world we live in. We’ll also bring you reports on topics you should know.

Follow us @techeconomyng for more.

TECH TALK EPISODE 2
byTecheconomy

PRODUCTIVITY AND WORK-Life Balance

TECH TALK EPISODE 2
TECH TALK EPISODE 2
May 22, 2025
Techeconomy
CYBERSECURITY ESSENTIALS
April 24, 2025
Techeconomy
Digital Marketing Trends and strategies for 2025 and beyond
February 27, 2025
Techeconomy
Major Lesson for Techies in 2024 and Projections for 2025
December 6, 2024
Techeconomy
Major Lessons for Techies in an AI-Driven World | Techeconomy Business Series Highlights
November 26, 2024
Techeconomy
Maximizing Profitability Through Seasonal Sales: Strategies For Success
November 8, 2024
Techeconomy
Techeconomy Business Series
October 15, 2024
Techeconomy
PRIVACY IN THE ERA OF AI: GETTING YOUR BUSINESS READY
May 30, 2024
Techeconomy
Unravel the Secrets of Marketing Everywhere All At Once with Isaac Akanni from Infobip | Infowave Podcast Episode 1
February 9, 2024
Techeconomy
The Role of Ed-tech in Life Long Learning and Continuous Education
October 19, 2023
Techeconomy
Search Results placeholder

WHAT IS TRENDING

https://www.youtube.com/watch?v=g_MCUwS2woc&list=PL6bbK-xx1KbIgX-IzYdqISXq1pUsuA4dz

Follow Us

  • About Us
  • Contact Us
  • Careers
  • Privacy Policy

© 2025 Techeconomy - Designed by Opimedia.

No Result
View All Result
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS

© 2025 Techeconomy - Designed by Opimedia.

Translate »
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.