In light of the prevailing cash scarcity leading to banks’ inability to fulfill customers’ cash demands, Nigerians have expressed dissatisfaction, prompting the Central Bank of Nigeria (CBN) to assure the public of imminent resolutions to the issue.
A disgruntled customer in Lagos, who chose to remain anonymous, recounted visiting three different banks, all of which failed to provide the requested sum of two hundred thousand naira.
Conversely, Kelechi Godwin, a patron of Access Bank, reported a positive experience, stating he was able to withdraw any desired amount from the bank’s Trade Fair branch.
Earlier reports from Tanke, as covered by RoyalTimes a few weeks ago, highlighted similar challenges faced by bank customers, with some being restricted to withdrawing a maximum of ten thousand naira.
In response to the growing concerns, the CBN attributed the apparent cash scarcity in certain locations to substantial withdrawals by Deposit Money Banks (DMBs) from CBN branches and panic withdrawals by customers from ATMs.
“While we note the concerns of Nigerians on the availability of cash for financial transactions, we wish to assure the public that there is sufficient stock of currency notes for economic activities in the country,” the CBN said in a statement on November 2, 2023.
Issuing a statement, Isa AbdulMumin, former CBN’s director of corporate communications, reassured the public that CBN branches nationwide are actively working to facilitate the smooth circulation of cash within their respective states of operation.
“Public members are, therefore, advised to guard against panic withdrawals as sufficient stock facilitates economic activities. Nigerians are also advised to embrace alternative modes of payment, which would reduce pressure on using physical cash,” the statement said.
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