Cash scarcity persists despite CBN’s assurance of availability

Customers have continued to groan and resort to high cost Point of Sale (PoS) services for obtaining cash, amid .lingering cash scarcity.

Despite the Central Bank of Nigeria (CBN) assurance to the public of sufficient stock of currency in the country, many Nigerians still struggle to access enough cash from banks, BusinessDay reports.

On November 2023, the CBN said there is sufficient stock of currency in the banking system warning the public against panic withdrawal.

This followed alleged reports on scarcity of cash in banks, automated teller machines (ATMs), Points of Sele and among Bureaux de Change (BOCs) in some major cities across the country.

Some bank customers have revealed that they no longer visit banks or use Automated Teller Machines because they are often empty.

“Getting cash has been very challenging. Since December last year, I have only been able to perform cash withdrawals from the ATMs from three out of the ten banks around me. I don’t visit the bank counters; It’s time-wasting. The most I got from the ATMs was 20,000 naira. And some bank ATMs only dole out cash for their customers. FCMB for example. First Bank and GTB are worse. Five ATMs and none will be functioning,” Yinka, an FCMB bank customer said.

A GTbank customer said he resorts to POS operators for cash, although he complained of rising charges.

“It’s been a while since I did an over-the-counter withdrawal because of the queue. And for the ATMs, recently, I’ve stopped walking down to the ATM because these POS guys are easily accessible. But I also noticed that most times when I attempt to withdraw from the ATM, it’s unable to dispense. So I just give up, honestly,” Adekunle, a GTbank customer said.

“But then, the N200 POS charges go a long way, but it’s better than being stranded,” he added.

An Opay Bank customer also complained of exorbitant POS charges when she used one during interstate travel.

“I use POS, but the charges are sometimes expensive. I travelled to Ekiti state during the festive period, and on getting to Ilesa, the lady collected N1200 for N10,000. So I do more transfers”, Marvel, a recent graduate of linguistics said.

Customers’ responses to questions also revealed that they now rely on bank transfers, and prefer to ply the cashless route.

“I can’t remember what a bank’s interior looks like; banks and ATMs aren’t as easy to access as POS shops. Instead, I just do transfers,” Caleb Adekunle, another bank customer said.

However, a Fidelity bank customer, Damilola, revealed that she got cash from the bank recently.

“I got cash from a Fidelity bank ATM yesterday. I got up to up to N40,000 from Chemist, Akoka branch, she said

Similarly, Faramade, a Wema Bank customer narrated that she got N20,000 over the counter after she was told there was a maximum of N10,000.

“I got 20,000 from a Wema bank branch in Ikeja. The cashier initially said I could only get N10,000, but when I got to the counter, the cashier announced that we could now get up to N20,000. As I got closer, she whispered that I could get up to N40,000 if I wanted. I was surprised,” she said.

“When I asked her why the amount fluctuated, she said a customer had come to deposit cash. They were relying on cash deposits,” she added.

“I tried withdrawing on Sunday and N20,000 cost N200 from POS, they were complaining bitterly on the scarcity of cash,”Praise Olatide, a student said.

The POS operators said that theres a long queue at ATM stands now mostly filled with POS operators like themselves, “we go to almost five ATMs to get substantial amounts and its not still enough and then supplement it with money we get from traders.”

“I was able to get N100,000 cash at Stanbic IBTC bank, while other banks I had earlier gone to imposed N10,000- N50,000 limits on their customers,” a customer said.

Tope Ologunagbe, a middle-agd nurse told BusinessDay of her struggles in trying to get cash,”I withdrew N10,000 for N400 yesterday and I’m honestly tired of buyin cash there is no point going to the bank and queueing for long hours only to get N10,000,”