The Impact Of The Cashless Policy On Nigerians

Days after the Central Bank of Nigeria (CBN) instructed Deposit Money Banks to prevent an artificial cash shortage, investigations by Sunday PUNCH revealed that the issue continues in some parts of the country.....KINDLY READ THE FULL STORY HERE▶

In a circular issued on November 29 and signed by Acting Directors Solaja Olayemi (Currency Operations) and Isa-Olatinwo Aisha (Branch Operations), the CBN outlined measures to improve cash availability. The central bank directed banks to ensure efficient cash distribution via both ATMs and over-the-counter services, warning of penalties for non-compliance. It also encouraged customers facing challenges to report incidents, providing dedicated phone numbers and email addresses for complaints.

However, as of Friday, many Nigerians in major cities reported continued difficulties in accessing sufficient cash at both ATMs and bank counters. An Abuja resident, who preferred to remain anonymous, shared that his bank dispensed only N5,000 over the counter on Friday. When asked if this was a bank-wide policy, the resident suggested it was likely due to limited cash availability and added that customers were often advised to use ATMs.

Similarly, a United Bank for Africa (UBA) customer in Abuja mentioned that his bank dispensed N20,000 over the counter, while ATMs provided N20,000 to its customers and N10,000 to those from other banks. A Zenith Bank official in Delta State reported that their branch limited withdrawals to N20,000, both at the counter and through ATMs.

In Lagos, Tunde Ajiboye shared on Facebook that he withdrew N20,000 from a GTBank ATM in Ikorodu and another N30,000 over the counter at Lotus Bank in the same area on Friday afternoon. In Akure, Ondo State, the cash shortage was also evident. A resident, Oluwaseyi Oluwalade, said he was unable to withdraw any cash from an ATM and was directed to a PoS operator. Despite making a transfer, he could only collect the cash the following day.

Another Akure resident, Adeniyi Samuel, who works for OPay, confirmed complaints from PoS operators about inadequate cash in banks. He explained that many operators relied on filling station attendants or BDC operators to access cash, as banks provided very limited funds over the counter or at ATMs.

Residents in Imo State also expressed frustration over withdrawal limits.