Why naira scarcity lingers ...despite Supreme Court ruling compliance
•As rely on fewer customer deposits, ration old notes •Confusion over code to deposit old notes •Cash trading continues as PoS operators reduce charges •Experts decry cash withdrawal limit, CBN deposit code AS the compliance by the financial sector regulators and operators with the Supreme Court ruling on cash policy of the Central Bank of Nigeria, CBN, enters its second week, the scarcity of the banknotes appear unabated as multiple pressure points in the circulation of both new and old notes emerge. It was indicated that the scarcity will linger for long, as the factors limiting the circulation remain much present in the system. The key factors, according to industry sources include low volume of cash deposits by bank customers, lingering controversy over the requirement of codes to deposit old notes, limited cash supply from the apex bank and huge unmet demand currently existing in the banking public. Bank front desk officers who spoke to Financial Vanguard said over 98 percent...