Customers of various deposit money banks in Tanke, Ilorin, expressed discontent over unanticipated reductions in withdrawal limits for both over-the-counter transactions and Automated Teller Machine (ATM) withdrawals.
Several customers, including Point of Sale (POS) attendants, voiced their grievances, lamenting the inconvenience caused by the sudden reduction in withdrawal limits.
The customers expressed concerns about the lack of communication from their respective banks regarding the changes, leaving them in the dark about the reasons behind the adjustment.
Speculation among customers in Tanke is rife, with some suggesting that the reduction in withdrawal limits may be linked to the potential expiration date of old naira notes.
“It’s been difficult these days for us to withdraw at the bank because immediately you enter the bank, they will always tell you the amount you can withdraw is fifteen thousand or ten thousand. When I get there, they just tell me it’s ten thousand. I will just be worried. I’m running a POS center. How would I be able to give customers cash even when they come for fifty thousand, a hundred thousand? So this is what we have been going through in the last few days now. “
“We discovered that anytime that we want to go and withdraw the money inside the bank, they have reduced the withdrawal limit whereby it even affects us. This morning, I went inside the bank to withdraw. Last week, I heard that they were collecting fifty thousand naira, but when I went there this morning, they were telling me that they were collecting the sum of twenty thousand naira. It’s frustrating for us.”
In contrast, a bank official, speaking anonymously to RoyalFM News, explained that Deposit Money Banks struggled to obtain new currency from the Central Bank of Nigeria and were compelled to distribute funds deposited by customers.
The official acknowledged customers’ speculations, attributing the limitations to the expiration date of the old notes and suggesting that the CBN might be faced with financial constraints hindering the printing of new currency.
However, this theory contradicts a statement issued by the Central Bank of Nigeria’s director of corporate communications, Isa AbdulMumin, on November 14th.
The statement explicitly asserted that old naira notes would remain legal tender beyond December 31, 2023, eliminating any perceived deadline for their use.