Cash scarcity, which was experienced about 10 months ago across the country, has resurfaced in Calabar, the Cross River State capital.
Reports say that some banks have restricted withdrawals to customers to only N5,000 across the counter.
Customers also complained that Automated Teller Machines (ATMs) were not dispensing cash. Just a few dispensed only N5,000 or N10,000. Further findings show that only two banks in Calabar metropolis were paying up to N6,000 to their customers.
Most Point of Sale (POS) agents had started charging between N200 and N300 for withdrawals of N5,000, and between N500 and N600 for withdrawals of N10,000.
Some of the agents who spoke with The Guardian in Calabar lamented that they spent up to N3,000 for transportation looking for banks and ATMs that were paying cash.
They said the increase in charges is to cover for the expenses incurred, while sourcing for cash at different banks and ATMs. They further complained that most of the banks stopped loading cash in their ATMs, noting that, as agents, they can only get limited cash from the banks they have accounts with.
A POS agent along the busy Effio-Ette Junction, simply known as Chris, said: “What do you expect us to do, when you can’t even get up to N200,000 from four banks in a day. You spend a lot on transportation going round town looking for banks, which are paying.”
Coming down to Ibadan, South West Nigeria, residents, are currently facing challenges due to the sudden disappearance of naira notes.
Reports say that the city has been experiencing a shortage of naira notes in recent days, with the situation worsening at the weekend.
Residents lament that many ATMs in the city were not dispensing cash, leading to frustration. It was further observed that only a few ATMs are dispensing a maximum of N5,000, and some have restricted payments to account holders of the respective banks.
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