As the Christmas and New year festive season approach, the country has been plunged into a problem of funds scarcity.
This has led to some commercial banks in Nigeria limiting customers’ access to cash.
Usually when there is shortage of cash in the country, banks often set limits to how much a customer can withdraw, both over the counter and at ATMs until the Central Bank dispenses cash.
Some banks have reportedly set withdrawal limits to N5000 at ATMs and N10000 from counter.
This was confirmed by some customers who visited banks around Lagos State and some bank staff from Zenith bank and First bank.
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According to one of the bank staff, “we’re currently out of cash. So, we are rationing N10,000 per customer across the counter and N5,000 on ATMs.”
Another staff from First Bank also explained saying, “customers are not depositing cash for us to dispense to customers. So, you can only get N10,000 per transaction irrespective of your withdrawal requests.”
Recall that Igbo Tv had earlier reported that the CBN Governor, Olayemi Cardoso had instructed banks to make sure cash are available at their various ATMs and urged customers to report banks which had no cash in their ATMs.
The CBN governor also promised to make cash available for the festive period.
As it stands now, it seems CBN is yet to dispense cash to banks, hence the scarcity.
Point of Sales (POS) operators have also used this opportunity to hike charges, with the same reasons of cash being unavailable.
One POS merchant informed Igbo Tv that she often buys cash from filling stations, and there has been increase in the price, so she has to meet up with her profit.
