CBN Introduces Survey To Establish Level Of Naira Shortage Across Nigeria

Posted by Lawal Munirst on December 21, 2023 0

They lamented that the scarcity of cash in banks had adversely affected economic activities in the region as they struggled to buy foodstuffs and other items for the Yuletide.

On Thursday, just four days to Christmas, the Central Bank of Nigeria (CBN), introduced a nationwide survey to establish the level of cash scarcity across the country.

The apex bank in the survey made available on its X (formerly Twitter) handle asked Nigerians: “What is the situation on naira availability in your location?” requesting Nigerians to “Kindly fill out this Survey to help us serve you better.”

The online Google survey form in which the CBN listed the 36 states of the federation and the Federal Capital Territory, Abuja, contains questions including: “Are you experiencing cash shortage in your location? In which specific location are you experiencing cash shortage? And which financial institution have you recently withdrawn money from?”

Other questions in the form are: “Was it an Over-the-Counter or ATM withdrawal? What was the over-the-counter withdrawal limit at this financial institution? and What was the ATM withdrawal limit at this financial institution?”

SaharaReporters earlier reported how residents of Enugu, Anambra, Ebonyi and other states in the Southeast region of Nigeria had lamented that cash scarcity had paralysed their businesses in the region.

They lamented that the scarcity of cash in banks had adversely affected economic activities in the region as they struggled to buy foodstuffs and other items for the Yuletide.

Visits to commercial banks in Enugu, Ebonyi, Imo, Abia and Anambra states showed that banks had run out of cash in their Automated Teller Machines (ATMs).

Some of the residents who spoke to SaharaReporters lamented that the cash scarcity in commercial banks had complicated their financial situation which was already bad.

They lamented that despite the assurances of the Central Bank of Nigeria, there was no adequate cash in circulation.

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