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Thursday, March 23, 2023

Frustrations as Banks Fail to Pay Cash Over the Counter, ATMs Empty

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It was another frustrating day for Nigerian Bank customers as most banks visited by our correspondent in the Lagos metropolis were refusing to pay cash over the counter, despite a CBN directive to do so.

In one new generation banks visited the staff said there was no cash to pay the N20,000 per person limit imposed by the central bank.

Outside a large queue had formed but the Automated Teller Machines (ATMs) were empty and not dispensing cash.

“We don’t have any cash to feed in the ATM because we have exhausted what was supplied to us since yesterday,” an FCMB Bank staff told MoneyCentral.

When asked when cash would be available, she replied that customers can check back in the night as ATMs might be loaded then.

At a nearby branch of Access Bank, it was the same scenario playing out. ATMs were not dispensing cash and banking halls were not paying over the counter, leaving customers frustrated.

“We can’t have access to our own money at the bank, meanwhile POS people are charging excess,” a man outside in queue for ATM, bemoaned.

MoneyCentral understands that POS operators now charge N2,000 per N10, 000 cash withdrawal, an effective 20% penalty on cash. It used to cost N200 to withdraw N10,000 or 2%.

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