Yuletide Woes: Nigerians Struggle with Cash Scarcity as Banks Ignore CBN Directives

Despite the Central Bank of Nigeria’s (CBN) recent directives to ensure sufficient cash availability, many Nigerians are still facing significant challenges accessing cash through banks and ATMs. The CBN had instructed Deposit Money Banks (DMBs) to efficiently distribute cash both over-the-counter and via ATMs, warning of penalties for non-compliance. Additionally, the CBN provided contact details for the public to report difficulties in obtaining cash.

However, reports from various regions indicate that these measures have not fully resolved the issue. In Abuja, some banks are limiting over-the-counter withdrawals to as low as N5,000, advising customers to use ATMs, which themselves are often understocked. In Delta State, both over-the-counter and ATM withdrawals are capped at N20,000. Similar restrictions are observed in Lagos, Ondo, Imo, Abia, Kwara, Osun, and Oyo states, with withdrawal limits ranging between N5,000 and N50,000, depending on the bank and location.

The cash scarcity has also impacted Point-of-Sale (PoS) operators, who are finding it difficult to obtain sufficient cash from banks, forcing them to source funds from alternative avenues like filling stations or Bureau de Change operators. This situation has led to increased charges for cash withdrawals, adding to the financial strain on consumers.

In response to these challenges, the CBN has reiterated its commitment to ensuring adequate cash circulation, especially during the festive season. The bank has urged the public to report any difficulties in accessing cash, providing specific details such as account name, bank name, transaction amount, and date. The CBN has also released dedicated phone numbers and email addresses for each state to facilitate these reports.

Despite these efforts, the persistent cash scarcity continues to affect daily transactions and economic activities across the country. The public remains hopeful that the CBN’s interventions will soon alleviate the situation, ensuring smoother financial operations during the festive period and beyond.