CBN naira mess leaves Nigerians groaning as economic activities hampered
By Jeph Ajobaju, Chief Copy Editor
Banks in cities and towns across the country have seen low patronage as frustrated customers devise other ways of withdrawing cash because of scarce naira notes.
Most banking halls are empty and large crowds form outside the few banks rumoured to be preparing to load their Automated Teller Machines (ATMs).
Customers on Thursday argued with First Bank officials on Ogunnusi Road in Berger, Lagos who insisted the branch had run out of cash.
The story was the same at Ecobank, Zenith Bank, GTCO, and Access Bank, all located in close proximity to each other along Ogunnusi Road.
At Union Bank on the same road a sizable crowd jostled on the queue hoping the bank would load its ATM.
The ATMs of UBA and Access Bank, both located further down the road around Ojodu Grammar School, did not dispense cash and withdrawals could not be made over the counter.
UBA is restricted to paying denominations lower than N200 due to a directive from the Central Bank of Nigeria (CBN), an official of UBA told The PUNCH.
The bank did not have money to pay out even the lower denominations.
At Access Bank, there was no form for over-the-counter withdrawal, and the ATMs did not dispense cash.
Citizen Emmanuel Collins disclosed at Access Bank near Ojodu Grammar School he had just come from the banking hall of his bank, UBA, where he could not withdraw money.
“I’ve been to my bank. Since yesterday, they don’t have any cash. They said they don’t have N1,000 and N500 notes. I asked them to pay me, even though it’s N50 notes, but they didn’t have,” he recounted.
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Bank customers threaten protest
Customers of microfinance banks (MFBs) in Osun threatened on Wednesday to storm the streets in protest against the lack of cash for withdrawal, according to reporting by The PUNCH.
Many officials of MFBs in Osogbo left their seats as customers waited endlessly to withdraw from their accounts.
Some customers said they are salary earners who get their pay through their accounts domiciled in MFBs.
Customers at Olubasiri Microfinance, Ibuaje Microfinance, and Osogbo Microfinance banks threatened to stage a protest if the situation persisted.
An official of an MFB in Osogbo explained the refusal of the Central Bank of Nigeria (CBN) to involve MFBs in the replacement of old naira notes with new ones caused the collapse of the operations of the banks.
National Association of Microfinance Banks (NAMFB) Osun Chairman Tunde Lawal confirmed the collapse in the operations of many MFBs which he blamed on a lack of cash to pay customers.
Save me from dying, woman begs teller
A middle-aged woman begged bank officials in Ado Ekiti on Wednesday to save her from dying.
She had approached tellers at the Opopogboro branch of First Bank to withdraw N9,000 cash over the counter but was told the maximum she could withdraw was N2,000.
Her entreaties to the female teller to help her withdraw N9,000 failed as the teller insisted that was the instruction other customers complied with.
Customers who queued up at ATM points in different banks dispensing a maximum of N20,000 lamented having to leave their businesses and other important matters to join long queues.
