As the Naira scarcity persists, more banks have started shutting down their branches, according to findings by Drillogist. With large queues at the ATM terminal of many commercial banks in Lagos, Ogun and Abuja and other parts of the country on Wednesday.
This has further led to riots, protests, and attacks on banks, which have been condemned by the National Union of Banks, Insurance and Financial Institutions Employees.
This came amid a Supreme Court injunction asking the Central Bank of Nigeria not to implement the February 10 deadline as seen here, and the Federal Government demanding the dismissal of the case.
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Availability of New Notes in Their ATMs
Nigeria was forced Wednesday to delay plans to replace its banknotes with a redesigned currency after chaotic scenes at ATMs as millions of people struggled to get their hands on the new cash.
Availability of New Notes at the Counter
The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, yesterday directed deposit money banks (DMBs) to commence payment of the redesigned naira notes over the counter subject to a maximum daily payout limit of N20,000.
Availability of Good Network
The scarcity of cash, both old and new notes, is further compounded by service downtime consumers are experiencing on Internet banking, Automated Teller Machines (ATMs) and Point of Sales (PoS) terminals.
Transaction Speed
The bank executive said online platforms of the bank have been overstretched, resulting in series of failed transactions. Indeed, Nigerians have continued to express anger through all platforms
Processing In-App Transactions
Mobile apps of several Nigerian banks are currently under serious pressure as more Nigerians are forced to carry out online transactions due to the scarcity of the new naira notes.
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