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In response to a growing scarcity of naira notes, banks across the country have begun rationing the cash available to customers.
The cash shortage has led to restrictions on withdrawals through both Automated Teller Machines (ATMs) and over-the-counter transactions.
Over recent days, this situation has worsened, leaving many individuals struggling to access the funds they require for daily expenses.
A survey by our reporters shows that several commercial bank branches revealed that customers are now limited to withdrawing only N5,000 from ATMs belonging to other banks, while over-the-counter cash withdrawals are capped at N20,000
Despite the evident shortage, the Central Bank of Nigeria (CBN) has reassured the public that there is sufficient cash in circulation to meet the population’s needs.
The CBN, alongside banks, is also urging customers to adopt alternative banking methods, such as bank transfers, Unstructured Supplementary Service Data (USSD), mobile money among others to reduce the dependence on physical cash.
In the midst of the cash crunch, Point of Sale (PoS) operators have reportedly increased their service charges, further compounding the cost of accessing cash for many Nigerians.
This unfolding situation has raised fears of economic disruptions similar to those experienced earlier in the year, with businesses and individuals feeling the brunt of the cash shortage.
