Nigerians groan as cash scarcity increases hardship
DISTRIBUTION: From right, Mr. Ayodeji Joseph, MD, Lagos State Development and Property Corporation; Mr. Adedayo Adesola, member representing Apapa Federal Constituency and Mr Lukman Oladele, beneficiary, during distribution of empowerment items like new tricycles, refrigerator, grinding machines to members of the constituency by Mr. Adesola held in Apapa, Lagos. A resurgence of widespread of cash scarcity which has led to intense cash rationing by banks have compounded the severe economic challenges confronting Nigerians driven by high prices of goods and services. The House of Representatives, however, asked the Central Bank of Nigeria, CBN, to urgently address the situation which has disrupted economic activities, causing significant hardship to citizens. It was gathered that cash withdrawal limits ranging from N5,000 to N10,000 in most bank branches for over-the-counter and automated teller machines (ATMs) transactions. Bank customers, who spoke with pressmen, narrat...