Some Nigerians have complained about how frustrating it has been to withdraw money from ATMs and banks in recent weeks.
This insufficient supply of cash, according to the Rivers State Chairman of the Chartered Institute of Bankers of Nigeria, Njoku Nkwachukwu, stems from several issues.
During an interview on Nigeria Info’s Hard Facts, he said factors responsible for the cash scarcity include hoarding, which he says is typical during the Yuletide, and fear of traders whom the recent Naira design greatly impacted.
He also mentions a critical factor that has to do with the monetary policy of the Central Bank of Nigeria, CBN, “aimed at tightening the economy, in order to tame the current inflation in the county”. This, he says, has affected the usual cash flow patterns, and further exacerbated the problem, even for commercial banks.
“The quantity of cash that comes to them is not sufficient for them to serve their customers," he said.
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