Banks count losses as cash crunch eases

Nigerians and deposit money banks have been counting their losses since the beginning of the implementation of the naira redesign policy.Information Guide Nigeria

The new naira redesign policy brought acute cash scarcity and hardship to the country.

Recall that the Central Bank of Nigeria (CBN) disbursed banknotes to commercial banks across the country last week to ensure the circulation of cash after an elongated cash crunch in the country.

CBN directed all commercial banks to load their Automated Teller Machines (ATMs) and also conduct operations through the last weekend to ease the pressure of the cash crisis.

BUSINESS HALLMARK, the correspondent visited branches of commercial banks at Allen avenue Ikeja, Magodo, and Ketu to observe the situation of the cash shortage in these areas.JAMB Result

The branches complied with the directive of the CBN, as customers were attended to in the banking halls and at the ATMs.

A customer identified as Udochi Sunday who spoke with a BUSINESS HALLMARK correspondent expressed his joy after withdrawing cash at the ATM at Guaranty Trust bank, Ikeja branch.

He said: “I’m happy the situation is getting better. I have been withdrawing from POS operators since the cash crisis began. The N20,000 I withdrew now would have cost me N4000 extra charge at a POS station. Having access to cash without having to pay a ridiculous charge is such a relief for me.”

Another bank customer, Quadri Olawale in the banking hall at Access bank, Ketu branch said,

“This is my first time withdrawing cash in the banking hall since February. I withdrew N10,000 after waiting for one hour due to the long queue. The past few weeks have been unbearable owing to unavailability of cash. I’m glad we now have access to cash.”

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An employee of Guaranty trust bank disclosed that the bank has been disbursing cash to customers.

He affirmed, “We have been disbursing cash since the CBN instructed us to, although what we have can’t meet the demands of customers due to the fact that we have more withdrawals than deposits now. Our bank was open for operations all through the weekend so customers can have access to cash. The cash unit is working tirelessly to ensure that cash is being disbursed to customers, we aren’t relenting. I believe normalcy will be restored very soon.”

According to BUSINESS HALLMARK, customers were seen withdrawing cash at the ATMs art First bank, Polaris bank, Guaranty trust bank, Zenith bank and Access bank, Magodo branches.JAMB Portal

A First bank customer, who identified herself as Madam Joy, a business running a provision store at Shangisha, Magodo, revealed her reason for coming to the bank.

“I came to the bank to resolve failed transactions issue I have been experiencing. Some of my customers transferred money to me since Friday, the money hasn’t reflected in my account till now and their accounts have been debited. I’m number 38, I’m patiently waiting for my number to be called, I don’t have a choice than to wait because I’m not leaving the bank today without getting this issue resolved,” she said.NYSC Portal

She added: “The cash scarcity really affected my business, especially in February, it was tough. I can say that the situation is a bit better than before. At least, more customers are bringing cash now unlike before when they had to pay for an N200 product via transfer.

“However, we are pleading with CBN to release more naira notes so our businesses can run like before. Cashless policy is quite difficult to accomplish with the level of network failure and failed transactions we are experiencing.”

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