Cash Scarcity: What exactly is going on?

Perusing through parts of Ikeja, from Computer Village down to Oregun, it’s becoming evident that there’s a cash shortage situation in Nigeria.

Only few ATMs dispensed cash, and for the dispensing ATMs, there were withdrawal limits. To cap it off, long queues trailed the dispensing ATMs, reminiscent of the cash scarcity saga that plagued the country in the first quarter of the year.

This situation largely contradicts the position of the CBN that the currency in circulation exceeds the pre-Naira redesign level.