Naira: Cash Scarcity Looms Again In Nigeria, residents lament

Cash scarcity prevails again in Nigeria particularly particularly in Oyo and Osun as residents lament low cash withdrawals in Banks.

Meanwhile, in a report earlier in the day, the apex bank refuted the cash scarcity at banks and gave assurance that there is an adequate reserve of cash to facilitate economic transactions following the complaints by bank customers on the scarcity of banknotes at counters, ATMs, PoS, and Bureau de Change (BDCs).

However, in an Interview conducted by idannews correspondent in Oyo State and Osun Metropolis, residents lamented about severe cash rationing for withdrawal.

In a low-key interview with bank security, he says that low cash flow happens because the Central Bank Of Nigeria ( CBN) want to restrict the high flow of cash based on security reason

He added that people can withdraw twenty thousand naira (#20,000 ) inside the bank while at an ATM stand, they can withdraw Five Thousand Naira (5000) to Ten Thousand Naira (10,000) at a goal.

“The bank didn’t decide to give the people the amount they want but it happens because of the cash given to us by the CBN. ”

The Point of Sale (PoS) operators have returned to buying cash from traders and petrol station attendants as banks suffer from a shortage of naira cash.

A PoS operator in Osogbo, Karimot Gafar told our correspondent that there is no cash in the bank.

According to her ” if you fill a teller requesting for N 100,000 in the bank, they will give you N 30,000 or N 20,000 while you will queue at the ATM stand to withdraw again.

” Sometimes I will have to queue like 6 times to get a substantial amount.

” This makes the queue at the Bank be long. If I get to the bank around 8 am, I usually leave by 5 pm and sometimes 6 pm. I will know that anytime I’m going to the bank, my work has closed for the day.

According to one Adewale Fatimoh who spoke to our correspondent, some operators have increased their transaction charges.

She said “We used to pay 100 for N5,000 but now it has increased to N 150 or N 200.

The residents urged the government and other officials to come to their aid

CBN later encouraged Nigerians to adopt alternative payment methods to alleviate the pressure of using physical cash.