Customers cry out over scarcity of cash & inability to withdraw their money as banks cut cash withdrawal

With five days to Christmas, customers of commercial banks in Nigeria have lamented the scarcity of cash as banks drastically cut withdrawal limits.

Most customers have been groaning over their inability to access cash to meet daily needs, despite assurances from the Central Bank of Nigeria.

The banks have continued to ration cash over-the-counter, while many ATMS are not dispensing cash.

Mrs Shade Oludamiro a Guaranty Trust Bank (GTB) customer expressed her frustration to NATIONAL WAVES correspondent at the Ikeja branch of the bank.
“This is worrisome, I have visited three different branches of GTB in order to get cash for a business transaction but was told 10,000 is the withdrawal limit. I was told to transact the business via transfer. I’m also finding it difficult to do transfer as the network is bad. As it stands, we are back to Emefiele’s era the erzurum of frustration, suffering and smiling” She said.

An Ecobank customer simply known Regina also encountered a similar experience. She narrated her ordeal to NATIONAL WAVES ” This is unbelievable, Ecobank has reduced its withdrawal limit to 10,000. I’m a trader who deals in foodstuffs, those who sells onions, yams and other foodstuffs are Hausas from the northern part of the country, they hardly do online banking. I’m frustrated and don’t know what to do” She said.

A visit to the Ikeja branch of Polaris Bank also revealed that the bank has cut the withdrawal limit to 10,000 and 20,000 for savings and corporate accounts.

Investigations carried out revealed that all the commercial banks have cut their withdrawal limits.

Last week CBN governor Yemi Cardoso was putting the blame on current cash scarcity on deposed CBN governor Godwin Emefiele. This is six months after Tinubu’s government took over from Muhammadu Buhari.