“Return to Chaos: Godwin Emefiele’s Legacy Haunts Nigeria’s Financial Services Ecosystem Amid Yuletide Cash Scarcity”

As at today December 3, 2024, the situation has deteriorated to the point where banks are unable to meet even basic cash withdrawal requests of ₦50,000 or goes for cash available choice, redirecting customers to Point-of-Sale (PoS) operators. This mirrors the turbulent days under Emefiele’s leadership, when cash scarcity crippled businesses and disrupted daily life. The current crisis has sparked anger, with many accusing Emefiele of setting the stage for the systemic dysfunction that persists today.

At a recent Chartered Institute of Bankers of Nigeria (CIBN) dinner, current CBN Governor, Olayemi Michael Cardoso, acknowledged the ongoing challenges saying with effective from December 1, 2024, the CBN has urged Nigerians to report cash withdrawal difficulties through designated state-specific channels but failed to show where to report the matter. This measure, coupled with a call for regulatory compliance among banks, Mobile Money Operators, and PoS agents, highlights the severity of the crisis. Yet, these efforts have done little to quell public frustration or restore trust in the financial system.

The enduring inability of banks to ensure a seamless cash flow, especially during high-demand periods like the festive season, underscores systemic vulnerabilities. Many question whether the CBN’s commitment to maintaining a “robust cash buffer” can truly address the root causes of the problem.

For many Nigerians, this yuletide season serves as a painful reminder of the cyclical nature of governance failures and policy inefficiencies. Despite assurances, the shadow of Emefiele’s tenure looms large, leaving citizens skeptical of any resolution in the foreseeable future. As the country trudges through another holiday season marked by cash scarcity, the promise of stability feels more elusive than ever.