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CBN News Update On Naira Notes Today Saturday 1st April 2023
Latest CBN news update on New Naira Notes today, Saturday 1st April 2023, can be accessed below.
Following the controversy associated with the new naira notes rages on, News Rain Nigeria brings you the latest update from Central Bank of Nigeria (CBN) on naira notes.
Below are the latest CBN news update on new Naira notes today
Naira Scarcity: Queues disappear as bank ATMs dispense cash in Kano
As the scarcity of Naira notes continues to create anxiety among Nigerians, customers in Kano have expressed relief as bank ATMs have started dispensing cash. The long queues that had become a common sight outside banks and ATMs have slowly disappeared as people now have access to cash through ATMs.
The scarcity of Naira notes has been attributed to several factors, including hoarding of cash by individuals, currency counterfeiting, and poor management of cash flow by banks. As a result, the Central Bank of Nigeria (CBN) has been working to improve the situation by introducing new measures to ensure the availability of cash.
The CBN has advised Nigerians to embrace the cashless policy, which encourages the use of electronic payment methods, such as mobile banking, internet banking, and POS transactions, among others. The policy is aimed at reducing the demand for physical cash and promoting financial inclusion in the country.
However, despite the push for electronic payments, many Nigerians still prefer to use cash, leading to the scarcity of physical notes. In response, the CBN has increased its cash injection into the economy, and banks have been mandated to disburse cash to customers as needed.
The current situation in Kano, where bank ATMs are dispensing cash, has brought relief to customers who had been struggling to access cash for their daily transactions. It is hoped that the trend will continue and spread to other parts of the country, ensuring that Nigerians can access cash when they need it.
In conclusion, while the scarcity of Naira notes continues to be a concern for Nigerians, the efforts of the CBN and banks are gradually improving the situation. The availability of cash through ATMs is a positive development, and it is hoped that it will be sustained to alleviate the anxiety caused by the shortage of physical notes.
Naira scarcity: Long queues persist in Imo
Amidst the scarcity of the Nigerian currency, the Naira, long queues have persisted in various parts of Imo State, particularly at Automated Teller Machines (ATMs) and some banks.
Several customers have been seen waiting in long queues for hours to withdraw cash from ATMs or make transactions at their banks. Some bank branches have also had to limit the number of customers allowed inside their premises at a time to ensure COVID-19 safety protocols are observed.
Many customers have expressed frustration at the situation, citing the inconvenience and time wasted in waiting on long queues to access their own money.
Despite the intervention of the Central Bank of Nigeria (CBN), which has released funds to banks to address the scarcity, the situation seems to persist in many parts of the country, including Imo State.
In the meantime, customers are advised to explore alternative means of banking, such as online banking, mobile banking, or using USSD codes to conduct transactions. They are also advised to avoid carrying large sums of cash and to take necessary precautions to ensure their personal safety when conducting financial transactions.
Naira Scarcity: Banks, Customers Give Fresh Update On Cash Withdrawals
In accordance with the Central Bank of Nigeria’s (CBN) directive, commercial banks opened their doors to customers on Saturday and Sunday to facilitate cash withdrawals. Nevertheless, the naira was still being rationed in certain areas of Lagos, Ogun, and the Federal Capital Territory, causing long queues to form.
Despite the prolonged queues, a few of the bank customers expressed their gratitude for finally having access to their money after more than two months of a naira scarcity.
CBN Speaks On Suspending OPAY, PALMPAY Accounts
Reports circulating that the Central Bank of Nigeria (CBN) has suspended the accounts of Fintech companies such as OPAY and PALMPAY have been debunked by the apex bank. The CBN described the reports as fake news and issued a statement to that effect.
Isa AbdulMumin, the Acting Director of Corporate Communications of CBN, made this announcement on Friday, March 24, 2023, in Abuja. He stated that the viral news claiming that the CBN was about to suspend the accounts of the Fintech companies due to their use in perpetrating fraud was simply fake.
According to the news report, the CBN was purportedly suspending the accounts of the Fintech companies because they were being used to commit fraud. The viral news advised people who use OPAY, PALMPAY, or any of the CHINA APPs or their POS to stop keeping large amounts of money in their accounts or stop using them.
OPAY and PALMPAY have denied being under the CBN’s radar in separate social media posts. OPAY issued a statement saying that “the post mentioning the CBN shutting down our operations is false and misleading to the general public.”
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