December 11, 2024
By Idris Buba
As Nigerians prepare for the yuletide season, the resurgence of scarcity of cash across bank counters and ATMs has compounded the existing hard socioeconomic challenges already confronting the citizens.
While the House of Representatives, had, asked the Central Bank of Nigeria, CBN, to urgently address the situation which has affected economic activities, investigation revealed that cash withdrawal limits over-the-counter and automated teller machine (ATM) transactions ranges from N5,000 to N10,000 in most bank branches.
Bank customers across the country lamented their bitter experiences in withdrawing cash from the banks ATMs
However, bank officials, have attributed the development to limited cash supply from the Central Bank of Nigeria, CBN and a decline in customers deposit.
In spite of a recent warning by the Central Bank of Nigeria, CBN, which directed banks to ensure efficient cash disbursement to customers Over-the-Counter (OTC) and through ATMs as the CBN will intensify its oversight roles of enforcement, nothing has changed.
The CBN, had in a circular signed by the CBN’s acting Director of Currency Operations, Solaja Olayemi, and its acting Director of Branch Operations, Isa-Olatinwo Aisha, urged members of the public who are unable to obtain cash Over-the-Counter or through ATMs at DMBs, to report such instances using the designated reporting channels and format provided, has no impact.
A visit to most banks of in Lagos yesterday saw limited amount of cash being dispensed and some ATMs not functioning at all.
READ MORE; Traders Blame Speculators As Naira Plummets to N1,745/$1,
In most new generation banks, check revealed cash withdrawal limit was between N10,000 and N20,000 at ATM and across the counter.
Other bank customers were allowed a withdrawal limit of N20,000 across the counter and N20,000 limit for ATM. Non-customers of the bank could access only N5,000.
Customers of a new generation bank were able to withdraw up to N10,000 across the counter and N20,000 from the ATM.
The federal capital territory FCT Abuja reveals a grim picture of cash availability, with many banks allowing customers to withdraw only minimal amounts both at the counter and via ATMs.
At a new generation bankcustomers reported being allowed to withdraw a maximum of N5,000 over the counter, while others stated that the limit had been increased to N10,000 at certain branches.
The situation is the same in Ondo, Ekiti, Oyo with customers lamenting their plight of how they cannot access their hard earned money they deposited in the banks and fear for the worse in this yuletide season.
The maximum amount dispensed by banks across the counter in Ondo State is between N10,000 and N50, 000 while few the ATMs dispensed N20,000 to customers and N50,000 to customers of other banks.
Findings, however showed that majority of the ATM terminal don’t have cash to dispense to customers who visited them.
Customers were asked by bank officials to collect larger amounts via POS agents.
.Findings also showed that most POS operators have increased their charges following the scarcity of cash.
A residents of Abeokuta, Ogun State capital, trader said she wanted to withdraw N150,000 from the counter, but all she could get was N50,000.
READ MORE; CBN Cautions DMBs over cash disbursements
According to a customer at Wema Bank, Mokola branch, the weekly limit that Wema Bank gives across counter is N500,000 which translates to N100,000 per day while customers are also allowed to collect N100,000 via ATM per day.
A banker confirmed it saying the fault is not from the bank but it is the directive from the CBN which they must comply with.
Residents of Abia, Ebonyi, Bayelsa, Edo and Rivers states are not left out in the cash scarcity predicament as withdrawal is limited to to between N10,000 and N20,000 depending on the bank the area one is doing the transaction in the states while POS operators hold sway with increased charges.
In Nasarawa state, the development has led to an increase in the Point of Sale, POS charges, with operators charging between N200 and N250 for N5,000 withdrawals and N400 for withdrawals of N10, 000.
Meanwhile, the house of representative, has mandated the Committee on Banking Regulations to investigate the cash crunch in commercial banks and report back within one week.
The House directed the CBN to urgently address the cash scarcity if it was not responsible for the shortage and save Nigerians the angony of buying naira with naira to survive within Nigeria.
