Banking halls empty as naira scarcity worsens

Banking halls across various commercial banks in Nigeria have witnessed minimal activity as frustrated customers resorted to alternative means of cash withdrawal following the scarcity of naira notes in the banks.

PUNCH correspondents report that most banking halls were empty due to the scarcity of funds.

Large crowds formed outside some few banks that were rumoured to be preparing to load their Automated Teller Machines.Information Guide Nigeria

The ATM at the United Bank for Africa did not dispense cash nor were any payments made over the counter.

At Access Bank, there was no form of over-the-counter payments, while the ATMs were not dispensing.

A commuter, Emmanuel Collins said, “I’ve been to my bank. Since yesterday, they don’t have any cash. They said they don’t have N1000 and N500 notes. I asked them to pay me, even though it’s N50 notes, but they didn’t have.”NYSC portal

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PUNCH reports that some customers of microfinance banks operating in Osun State on Wednesday threatened to storm the streets in protest against the lack of cash for withdrawal.

The Chairman of the National Association of Microfinance Banks, Osun State chapter, Mr Tunde Lawal, said there was a collapse in operations of many of the banks and he blamed it on a lack of cash to pay customers.

An official of a microfinance bank in Osogbo, who spoke under condition confirmed the collapse of operations of the banks.

He noted that this was as a result of the refusal by CBN to include microfinance banks in its plan for the replacement of old naira notes with new ones was responsible for.JAMB Result

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