Banks paying out more cash to ease hardship
By Jeph Ajobaju, Chief Copy Editor
More naira notes have been released by the Central Bank of Nigeria (CBN) to commercial banks, some of which now dispense N40,000 per day through Automatic Teller Machines (ATMs), unlike last week when customers could not withdraw more than N10,000.
Long queues in front of banks thinned by Wednesday morning.
The CBN began releasing more cash to banks last Thursday and bank officials said the several billions of naira had been released by Friday.
Many banks opened over the weekend and dispensed cash through ATMs and over-the-counter, in part to placate the Nigeria Labour Congress (NLC) which had threatened nationwide protest this week over the cash crunch.
Some banks sent out emails to their customers notifying them they would be open over the weekend for banking operations as directed by the CBN.
The PUNCH reports many banks in Lagos, Abuja, Ogun, and other states complied with the order of the CBN and attended to customers in banking halls and dispensed cash via ATMs.
Most banks on the Oshodi-Apapa Expressway and Gbagada area of Lagos opened on Saturday and Sunday and paid out cash to customers.
The Access Bank branch at Sadiku bus stop on the Oshodi-Apapa Expressway dispensed cash via ATMs.
The United Bank for Africa (UBA) branch in Oshodi, close to the expressway, dispensed cash inside the banking hall and through ATMs. Customers were paid N20,000 over-the-counter.
The Access Bank branch next to it allowed its customers to withdraw N20,000 from its ATMs but holders of other banks’ cards could only withdraw N5,000.
Fidelity Bank on the Oshodi Expressway paid N20,000 inside the banking hall. Only one of its three ATMs dispensed cash, at N20,000 to its customers and N5,000 to those with the cards of other banks.
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No new naira notes
None of the banks paid in new naira notes, but customers did not care as long as they got cash, even tattered old naira, according to The PUNCH.
A taxi driver, who identified himself as Baba Taju, said the type of naira note does not matter.
“You think that’s important now? What did we do when we couldn’t get any cash? Please any cash is welcome as long as I can spend it,” he explained.
Bank customers in the Federal Capital Territory (FCT) also made withdrawals on Sunday through ATM galleries and over-the-counter.
On Airport Road, only Guaranty Trust Bank opened for physical operations, Stanbic IBTC loaded its ATMS with cash, Zenith Bank did not open for business.
At Redemption Camp on the Lagos-Ibadan Expressway in Ogun, all ATMs were fully loaded with cash at Zenith Bank, PremiumTrust Bank, GTB, Unity Bank, and Access Bank.
There were no long queues and after Sunday service, customers walked into banks and carried out transactions.
Both old and new naira notes were dispensed.
In the Ojodu-Berger axis of Lagos, ATMs were filled with cash at Union Bank, Ecobank, Access Bank, GTB, Zenith Bank, and First Bank. Only Guaranty Trust Bank did not open its banking halls to customers.
