Queues disappear as banks increase cash payout to customers

Cash payout has increased in banks customers leading to sharp reduction in the long queues and massive crowds at Nigerian banks.Information Guide Nigeria

VANGUARD reports that it visited several banks in some major cities yesterday and showed that most of the banks’ branches had enough cash to meet customers’ withdrawal needs.

FirstBank branches paid N10,000 from the Automated Teller Machines (ATM) to both customers and non customers while United Bank of Africa, UBA paid N100,000 over the counter and N20,000 in ATMs to customers and N10,000 to non customers, VANGUARD reports.

Some Point of Sale, PoS, agents in the Lagos Island area had set the maximum withdrawal limit to N5,000 per customer.NYSC Portal

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A visit to Guaranty Trust Bank, GTB, revealed that the bank only paid N15,000 to customers over the counter with withdrawal slip.

In Abuja, a bank staff told Vanguard that CBN had maintained the supply of cash to the bank and that the pressure on them (banks) had ended.

According to VANGUARD, customers were also allowed to withdraw cash up to a maximum of N500, 000 (for individuals) allowed by the CBN over the counter.

Transporters and technicians in the capital city have begun rejecting transfer as means of payment, especially where the amount involved is considered meagre.JAMB Result

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