ABUJA, Nigeria (VOICE OF NAIJA) – Following the Central Bank of Nigeria (CBN) ultimatum requiring banks to ensure cash availability at Automated Teller Machines (ATMs) and banking halls, many Nigerians are still struggling to access cash.
The ongoing cash scarcity has forced Point of Sale (PoS) operators to turn to alternative cash sources, including markets and fuel stations, to meet demand.
Visits to several bank branches revealed that only a limited number of ATMs were dispensing cash, often with withdrawal limits.
Customers with debit cards from other banks could withdraw up to ₦10,000, while those using the bank’s own cards were allowed a maximum of ₦20,000.
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Despite assurances from CBN Governor Olayemi Cardoso on November 29, 2024, to resolve the cash crisis, many banks have yet to fully comply.
The scarcity, which dates back to February 2023, has left bank customers heavily reliant on PoS operators, who charge steep fees for cash withdrawals.
Governor Cardoso pledged that the CBN would conduct spot checks on Deposit Money Banks and penalize those failing to meet cash distribution requirements.
He also urged Nigerians to report difficulties in accessing cash through the CBN’s dedicated phone lines and email addresses.
“We will not hesitate to impose stringent penalties on banks or financial institutions engaging in malpractices or deliberate sabotage,” Cardoso warned.
Despite these efforts, bank customers remain frustrated.
At several ATM locations, many machines were either out of order or dispensing only limited amounts of cash.
In certain instances, customers were redirected to banking halls, where withdrawal limits ranged from ₦10,000 to ₦50,000, prompting many to explore other options.
The cash shortage has placed the burden on PoS operators, who have resorted to unconventional sources such as markets, fuel stations, and abattoirs to obtain cash.