FEBRUARY 5, 2023BY TIMOTHY ATOYEBIIN BUSINESS, HOME, NEWSCOMMENTS OFFON UYO RESIDENTS FACE NAIRA SHORTAGE AS BANKS STRUGGLE TO MEET DEMAND FOR NEW CURRENCY
UYO RESIDENTS FACE NAIRA SHORTAGE AS BANKS STRUGGLE TO MEET DEMAND FOR NEW CURRENCY
Godwin udo
Residents of Uyo, the capital of Akwa Ibom state, are facing a severe shortage of naira, the national currency of Nigeria. The shortage has persisted for several weeks, and residents are finding it increasingly difficult to access the cash they need for everyday expenses.
This Sunday morning, hundreds of people were seen lining up outside of banks in Uyo, hoping to get their hands on the new naira notes. Despite the long lines and hours-long wait, many pethepople remain optimistic that they will be able to get the cash they need.
According to sources, the scarcity of naira is due to a number of factors, including a shortage of physical cash in circulation and a high demand for new currency. The Central Bank of Nigeria has been working to address the issue, but so far the efforts have not been enough to meet the demands of the public.
As a result of the shortage, many businesses in Uyo have been forced to close or limit their operations. This has had a severe impact on the local economy, and many residents are becoming increasingly frustrated with the situation.
In an effort to ease the strain on the local economy, the Central Bank of Nigeria has urged residents to use alternative forms of payment, such as electronic transfers and mobile money. However, for many residents, these options are not feasible, and they are left with no choice but to wait in long lines for cash.
The situation in Uyo is a stark reminder of the ongoing challenges faced by the Nigerian economy. Despite recent efforts to address the naira scarcity, it remains a pressing issue for many residents, and one that will likely require ongoing attention and action from the Central Bank of Nigeria
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