• Friday, June 14, 2024
businessday logo

BusinessDay

Banks leave ATMs without cash ahead of deadline

Banks’ spend on CSR more than double amid rising poverty

Many Nigerian bank branches are seen leaving their Automated Teller Machines (ATMs) without cash, making cash transactions difficult for their customers.

This comes barely one week to the January 31 deadline set by the apex bank of Africa’s largest economy for the nation’s old Naira notes to stop being legal tenders, thereby paving way for the newly introduced naira notes.

Lucky, a driver in one of the companies in Apapa who visited GTCO, Keystone and Zenith Bank all in Liverpool Apapa, Lagos, said there were no cash in those ATMs. This left many people on queue at Access Bank ATM also on the same axis which was paying new Naira Notes.

Read also: $131 trillion worth of investments seen needed by 2050 for global 1.5°C pathway

Unfortunately, after spending some time at Access Bank ATM, Lucky still couldn’t get paid due to cash jam in the ATM. He had no option than to go to the POS agents for old naira notes.

At First Bank, Navy Town, Lagos and Access Bank, Kirikiri, also in Lagos their ATMs were paying customers New Notes.
The Central Bank of Nigeria (CBN) has intensified monitoring of banks Automated Teller Machines (ATM) in order to identify banks that are violation its directive mandating Deposit Money Banks (DMBs) to push out newly redesigned naira notes.

Recently, the CBN’s team comprising its top executives acting on alleged hoarding of the newly redesigned naira notes visited some banks in Lagos.