As the compliance by the financial sector regulators and operators with the Supreme Court ruling on cash policy of the Central Bank of Nigeria, CBN, enters its second week, the scarcity of the banknotes appear unabated as multiple pressure points in the circulation of both new and old notes emerge.

Financial Vanguard’s findings at the weekend indicate that the scarcity will linger for weeks as the factors limiting the circulation remain much present in the system.

The key factors, according to industry sources include low volume of cash deposits by bank customers, lingering controversy over the requirement of  codes to deposit old notes, limited cash supply from the apex bank and huge unmet demand currently existing in the banking public.

Bank front desk officers who spoke to Financial Vanguard said over 98 percent of cash transactions since last week were for customer cash withdrawals while cash deposits were less than two percent. According to them, before the cash restrictions they usually have over 40 percent in cash deposit transactions.