In the throes of the festive season, Nigerian banks, particularly in Lagos’ Surulere, Mushin, Kirikiri, Mazamaza, and Ejigbo, are grappling with a cash shortage, leaving customers struggling to access their funds.
Customers report rationed withdrawals, with one individual sharing, “I visited three banks in Onipan, couldn’t withdraw more than N200,000. One offered N50,000; another promised N100,000. With Christmas approaching, our association members need cash,” highlighting the urgency.
Kelechi Godwin, an Access Bank customer, notes a different experience, stating, “You can withdraw any amount you want at Trade Fair.” However, Access Bank ATMs at Kirikiri are reportedly cashless, with a security staff member confirming, “No cash; the ATMs are not paying.”
The Central Bank of Nigeria (CBN) attributes the scarcity to high volume withdrawals by Deposit Money Banks (DMBs) from CBN branches and panic withdrawals from ATMs. Despite public concerns, the CBN reassures, “Sufficient currency notes exist for economic activities.”
Issuing advice against panic withdrawals, the CBN encourages alternative payment methods to alleviate pressure on physical cash usage. The situation unfolds amid Christmas preparations, underscoring the need for swift resolutions.
