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Even after the Central Bank of Nigeria’s strong warning to Deposit Money Banks to prevent any man-made cash shortages, reports have surfaced indicating that the scarcity is still very much a reality in parts of the country. This ongoing trend, despite the government’s best efforts, highlights the continued challenges faced by Nigerians in accessing cash at local banks.
The Central Bank of Nigeria, in a circular dated November 29, revealed new measures to alleviate the ongoing cash scarcity in the country. Signed by Acting Directors Solaja Olayemi of Currency Operations and Isa-Olatinwo Aisha of Branch Operations, the document outlines a comprehensive strategy to ensure more consistent cash availability for Nigerians.
According to the circular, the Central Bank of Nigeria has mandated that banks prioritize smooth cash disbursement, utilizing both ATMs and over-the-counter services. A strong warning was also issued, stating that any non-compliance will lead to significant penalties, emphasizing the urgency of the matter.
The Central Bank also encouraged customers facing difficulties to promptly report any issues, providing details such as their account name, bank name, transaction amount, and date. To streamline the process, dedicated phone numbers and email addresses have been made available for Nigerians to report challenges in accessing cash.
Despite efforts to improve cash access, reports from major cities on Friday revealed that Nigerians continued to face significant difficulties in withdrawing sufficient amounts of cash from both ATMs and over-the-counter services at some commercial banks.
An Abuja resident, who declined to be named, said his bank only dispensed N5,000 over the counter on Friday.
When asked whether this was a bank-wide directive, she stated that it might be due to the limited cash available, adding that customers were often advised to use ATMs.
He said, “As of Friday, it was just N5,000. But if the ATM is loaded, you can withdraw as much as it dispenses. That’s probably all the bank could afford on Friday. Most times, customers are advised to use the ATM, which dispenses fresh mints.”
Read also: Naira Scarcity: Ebonyi PoS Operators Seek CBN Intervention
Similarly, a United Bank for Africa customer in Abuja said his bank dispensed N20,000 over the counter, while ATMs dispensed N20,000 to customers and N10,000 to customers of other banks as of Friday.
A Zenith Bank official in Delta State revealed that their branch paid a maximum of N20,000 to customers, both over the counter and through ATMs.
“It’s N20,000 maximum. The ATM also dispenses N20,000,” she stated.
A Lagos resident, Tunde Ajiboye, shared on Facebook that he withdrew N20,000 from a GTBank ATM in Ikorodu and later withdrew another N30,000 over the counter at Lotus Bank, also in Ikorodu, on Friday afternoon.
In Akure, Ondo State, the cash crunch was also pronounced. A resident, Oluwaseyi Oluwalade, said he visited an ATM terminal in Akure but couldn’t withdraw any cash.
“I rushed to a PoS operator, but I still didn’t get cash. I was asked to make a transfer, which I did on Friday, but I could only collect the cash on Saturday afternoon,” he lamented.
