The mobile banking apps of several Nigerian banks are facing strain due to a scarcity of new naira notes, causing a surge in online transactions. As a result, some banking apps have crashed.
This week, customers of major banks have experienced difficulties while using their mobile apps for transactions or fund transfers.
The scarcity of cash in ATMs and over-the-counter has left many Nigerians relying on mobile apps, which has become a challenge due to technical issues such as apps not opening, failed transfers, and credited funds not reaching the intended recipient.
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The pressure has also been felt on the USSD, another transaction channel, leading to an increase in failed transactions.
Meanwhile, there were reports of New Naira Notes being sold in the neighbouring Niger Republic.
“Same thing in Sokoto until my sister went to the Niger Republic and bought NIGERIA new naira notes in the streets of Niger, for every #100,000 you pay #120,000.
“That’s what is currently going on with our notes in Niger Republic,” a source informed The Standard Gazette.
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