🍔 Quick Bite: It’s been almost a month since the Central Bank of Nigeria (CBN) announced penalties for banks selling cash to Point of Sale (POS) operators, and yet the situation seems unchanged. Now, with a new circular imposing a ₦150 million ($97,000) fine on deposit money banks caught selling mint banknotes to currency hawkers, the question is whether this move will have any real impact—or if it’s just another ineffective policy in the face of a deeply systemic issue.
🧠 The Breakdown
Nigeria’s cash scarcity problem isn’t new. It started late last year when the CBN launched its controversial currency redesign policy. The idea was to curb counterfeit cash and reduce the money circulating outside of banks. But what followed was chaos: empty ATMs, long queues at bank counters, and people stranded without cash for basic needs.
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Last updated: December 16, 2024
