Yuletide Crisis: Cash Shortage Deepens As Banks Ignore CBN’s Warning

Yuletide Crisis: Cash Shortage Deepens As Banks Ignore CBN’s WarningDespite the Central Bank of Nigeria’s (CBN) recent directive to Deposit Money Banks (DMBs) to address the ongoing cash scarcity, findings by Sunday PUNCH have revealed that cash shortages persist in several parts of the country.....KINDLY READ THE FULL STORY HERE▶

In a circular issued on November 29, the CBN, signed by Acting Directors Solaja Olayemi (Currency Operations) and Isa-Olatinwo Aisha (Branch Operations), outlined measures to enhance cash availability. The directive emphasized the need for banks to ensure efficient cash distribution through Automated Teller Machines (ATMs) and over-the-counter channels, warning of penalties for non-compliance. The CBN also instructed customers facing difficulties to report issues with transaction details, including account name, bank name, amount, and date, using specific phone numbers and email addresses provided for complaints.

However, Sunday PUNCH findings from major cities across Nigeria on Friday show that many Nigerians continue to face significant challenges in accessing cash. A resident in Abuja, who chose to remain anonymous, shared that his bank only dispensed N5,000 over the counter that day. When asked if this was a bank-wide policy, the individual speculated that it might be due to a shortage of available cash, with customers often advised to use ATMs.

In Abuja, a United Bank for Africa (UBA) customer mentioned that his bank dispensed N20,000 over the counter, while ATMs offered N20,000 to their own customers and N10,000 to those from other banks. A Zenith Bank official in Delta State confirmed that their branch had a maximum withdrawal limit of N20,000, both over the counter and at ATMs.

Tunde Ajiboye, a Lagos resident, shared his experience on Facebook, revealing that he withdrew N20,000 from a GTBank ATM in Ikorodu, followed by an additional N30,000 over the counter at Lotus Bank, also in Ikorodu, later that Friday. Meanwhile, in Akure, Ondo State, residents struggled with the cash crunch. Oluwaseyi Oluwalade, an Akure resident, said he couldn’t withdraw cash from an ATM and was directed to a PoS operator, where he was advised to make a transfer to receive cash the following day.

Adeniyi Samuel, a worker at OPay in Akure, corroborated the widespread issue, noting that many PoS operators rely on fuel station attendants or Bureau De Change (BDC) operators for cash, as banks provide very little over the counter or via ATMs.

Similarly, in Imo State, residents also expressed frustration over the ongoing withdrawal limits, highlighting the continued scarcity despite the CBN’s directives.

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