Chinese Bank Withdraws $22.79trn Funding For Nigeria’s Kaduna, Kano Railway Project

Naira Scarcity: Railway Managers Demand Cash, Reject Electronic Payment

2 mins read

The management of the Nigerian Railway Corporation (NRC) has stated that its operational policy is against digital transactions, as passengers face Naira scarcity.

It was gathered that the railway corporation is turning down passengers who prefer to use electronic channels to pay for tickets at booking stations.

Mobolaji Johnson Station and Babatunde Fashola Station were listed as some of the stations preferring cash payment rather than digital transactions. 

According to an unnamed official, the management didn’t approve electronic transfer as a payment method because it is against NRC policy. 

The railway stations are also demanding new Naira notes, which have been scarce, as the Central Bank of Nigeria (CBN) printed insufficient notes. 

READ ALSO  Godwin Emefiele’s CBN Faults Nigerians For Naira Scarcity

Nigerians have been battling with the Naira scarcity caused by the Naira redesign policy announced by the central bank in October 2022 but was implemented in December with the release of the redesigned notes. 

The Naira scarcity has triggered chaos and attacks on Nigerian banks because Nigerians are unable to withdraw their money deposited in accounts. 

Nigerians have been unable to make cash payments for various sanctions and this has grounded businesses across states. 

It has also led to a court face-off between the Federal Government and over 10 states that are complaining the phasing out of the old Naira notes is causing Naira scarcity and unrest in the country. 

READ ALSO  Elon Musk Accuses Twitter In New Statement, As Court Issues 22 Days To Buy Twitter

Both the Federal Government and the states are in the Supreme Court over the 10 February 2023 deadline which the CBN fixed for the old N200, N500 and N1,000 notes to cease being legal. The States prayed that the court set aside the deadline. 

Although the Supreme Court has ruled that the old Naira notes remain legal, President Muhammadu Buhari said the central bank should only release the old N200 banknotes, while the CBN said the old N500 and N1,000 currencies are no longer legal. 

The Supreme Court has adjourned the case between the Federal Government and the States to 25 February 2023 for final judgement before the presidential election.

+ posts

Leave a Reply

Your email address will not be published.