Naira scarcity: Instant payments hit N38 trillion in January

Instant electronic payment reached N38.77 trillion in January 2023, up 45.52 percent from N26.65 trillion in January 2022 as a result of the Naira shortage brought on by the Central Bank of Nigeria’s redesigned Naira and cash withdrawal policy.

According to recent data from the Nigeria Inter-Bank Settlement System, this is the case. The CBN urged Nigerians to use electronic transactions and announced a policy for the redesign of the naira in 2022.

According to the CBN, “The maximum weekly limit for cash withdrawals by individuals and corporate organizations across all channels shall be N500,000 and N5m respectively.”

Customers should be encouraged to conduct their banking transactions through alternative channels, such as USSD, cards/POS, Internet banking, mobile banking apps, and eNaira, the statement continued.

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The policy’s implementation deadline has been pushed back from January 31 to February 10. A Supreme Court decision that forbade the Federal Government from carrying out its original deadline now applies to this new deadline.

Since the policy was announced, Nigerians have experienced lengthy ATM lines, naira buying, unsuccessful transactions, and issues with banks’ mobile applications.