CBN launches nationwide survey to assess cash scarcity ahead of Christmas

By Sodiq Adelakun

In a proactive move to gauge the severity of cash scarcity in Nigeria, the Central Bank of Nigeria (CBN) has rolled out a nationwide survey just four days before Christmas.

The survey, which was disseminated through the bank’s X (formerly Twitter) handle, seeks to gather firsthand information from Nigerians about the availability of naira notes in their respective locations.

Citizens are encouraged to participate in the online Google survey, which poses questions regarding their experiences with cash shortages.

The survey, which lists all 36 states and the Federal Capital Territory, Abuja, includes queries such as whether individuals are facing cash shortages, their specific location of experience, and from which financial institutions they have attempted to withdraw money.

Additional questions aim to discern the nature of these withdrawals, asking whether they were made over the counter or through ATMs, and inquire about the withdrawal limits imposed by these institutions.

The initiative comes amid growing concerns from residents in Lagos, Ogun, and other Southwestern states, who have reported that the scarcity of cash has significantly disrupted their businesses.

With the yuletide season upon them, many are struggling to purchase food and other essentials for the Yuletide celebrations due to the lack of available cash in banks.

Observations at various commercial banks in Ogun and Lagos states have confirmed that ATMs have been running out of cash, exacerbating the difficulties faced by the populace.

The CBN’s survey is a step towards understanding and addressing the cash flow challenges as the nation heads into one of the busiest seasons of the year.