Nigerians across the country are experiencing a noticeably calmer festive season this year, as the cash scarcity that marred last Christmas has largely disappeared, bringing relief to households, traders and businesses.
This time last year, limited cash circulation and difficulties accessing money from banks and automated teller machines (ATMs) posed serious challenges. Many Nigerians endured long queues at banking halls, repeated ATM withdrawal failures and restrictions on cash access, disrupting commercial activities and dampening the festive mood.
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In contrast, findings by THE WHISTLER revealed that this Christmas season has been marked by smoother cash availability, with banks and ATMs functioning more efficiently and fewer complaints from the public.
It was learnt that across major cities and rural communities alike, Nigerians recorded easier access to cash, enabling them to meet seasonal expenses without the stress experienced a year ago.
According to financial sector observers, the improvement is the result of decisive reforms by the Central Bank of Nigeria (CBN), which moved quickly to address the root causes of the previous cash crunch.
The apex bank, it was further learnt “took the bull by the horns” by introducing measures aimed at improving currency circulation and strengthening cash management across the banking system.
THE WHISTLER gathered that a key part of the intervention was the establishment of a committee chaired by the Governor of the Central Bank, Mr Olayemi Cardoso.
The committee, according to findings was mandated to take a holistic look at the challenges affecting cash availability in Nigeria.
The committee, according to THE WHISTLER’s findings, was also involved in examining the entire cash supply chain, from currency printing and distribution to bank operations and ATM funding.
Traders, who were among the hardest hit by last year’s cash shortage, told THE WHISTLER that the difference this Christmas is significant.
A foodstuff trader John Uzor said cash flow has been “far better than last year,” allowing him to do business without disruptions.
“Last Christmas, customers wanted to buy but couldn’t get cash, and transfers were failing. This year, people come with cash, and sales have improved,” he said.
Similarly, a point-of-sale (POS) operator in Abuja who gave his name as Ibrahim Usman noted that ATM availability has eased pressure on POS agents.
“Last year, people depended on us heavily, and cash was hard to get. Now, ATMs are dispensing, and there is less tension,” he explained.
Other Nigerians echoed similar sentiments. A civil servant in Abuja, Blessing George said the absence of long ATM queues has made preparations for the holidays less stressful.
“I can withdraw cash when I need it. It’s a big relief compared to what we went through last year,” she said.
Small business owners also welcomed the development, noting that improved cash circulation has boosted consumer confidence and spending.
Many others who spoke to THE WHISTLER said the reforms have helped stabilize daily transactions, especially for Nigerians who still rely heavily on cash.