Several Nigerian states, including Ondo, Edo, Kwara, Delta, Plateau, Jigawa, and Osun, are grappling with a severe cash crunch. Automated Teller Machines (ATMs) have ceased dispensing money, while banks, citing uneven cash flow and heightened withdrawals ahead of festivities, ration cash withdrawals Over The Counter (OTC).
Frustration is mounting among Nigerians in affected states as commercial and business activities face disruptions.
In Plateau State, banks experience acute cash scarcity, impacting local businesses. ATMs in Jos metropolis are either dispensing limited cash or deactivated due to insufficient loading.
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Katsina State and other urban areas, however, continue business operations seamlessly. In Jigawa State, bulk withdrawals are restricted to a maximum of N20,000, leaving customers with harrowing tales.
Residents of Ilorin in Kwara State face similar challenges, with some banks limiting ATMs to N5,000-N10,000 withdrawals and OTC transactions ranging from N10,000 to N50,000.
In Delta State, concerns rise over a month-long cash squeeze, attributing it to banks’ failure to facilitate adequate withdrawals.
Akure, the Ondo State capital, witnesses difficulties in accessing money, with OTC maximum withdrawal set at N20,000. Osun State residents groan as PoS agents hike withdrawal charges by 50%, while Edo State‘s Benin witnesses crowded banks paying only N10,000 OTC.
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In Lagos State, both old and new naira notes’ scarcity prompts banks to ration cash. Customers complain about difficulties in accessing the required volume for daily expenditures, with limited ATM withdrawals of N10,000 and N20,000 from banking halls.
Contrastingly, states like Anambra, Ogun, Bayelsa, Niger, Akwa-Ibom, and Benue report normal banking activities without stringent conditions.
The Central Bank of Nigeria (CBN) attributes the cash crunch to customers’ withdrawal patterns and a recent Supreme Court ruling.