Residents and small business owners in the Federal Capital Territory (FCT) have raised concerns over the ongoing scarcity of naira notes, which has disrupted various transactions.
Over recent days, customers have struggled to access cash from Automated Teller Machines (ATMs) and Point of Sale (PoS) agents, leading to increased withdrawal charges by some PoS operators.
According to News of Agency of Nigeria, Mary Isaac, a PoS operator in Mabushi, shared her frustration after spending over five hours in a bank to withdraw cash on Friday.
“For each transaction now, the charge starts from N200 and will likely increase in December,” she explained. “This situation is not our fault but that of the Central Bank of Nigeria (CBN), which hasn’t released enough cash into circulation.”
Paul Uzor, a businessman, decried being charged N500 to withdraw N10,000 from a PoS agent, calling the fees unfair amid the harsh economic climate. He urged the CBN to ensure banks make more cash available through ATMs and banking halls.
Similarly, trader Isah Abba lamented that the scarcity is particularly challenging for small businesses reliant on daily cash transactions. “Both businesses and customers don’t have enough cash, and even PoS agents struggle to provide it,” he said, urging the CBN to resolve the issue before the festive season.
In response to the cash scarcity, the CBN has warned deposit money banks (DMBs) of strict penalties for failing to ensure adequate cash availability.
CBN Governor Yemi Cardoso, speaking at the Chartered Institute of Bankers of Nigeria’s annual dinner in Lagos, announced plans for spot checks across banks to identify and sanction underperforming institutions.
“We recognise the challenges Nigerians face with cash availability at ATMs, which disproportionately affect ordinary citizens. Effective December 1, 2024, customers are encouraged to report issues withdrawing cash from banks or ATMs to the CBN through designated channels,” Mr. Cardoso said.
The apex bank promised to disseminate clear guidelines to the public and ensure strict compliance by all financial stakeholders, including mobile money operators and PoS agents.
Mr. Cardoso reaffirmed the CBN’s commitment to maintaining a steady cash supply, especially during the festive season and other high-demand periods, warning that any financial institution found sabotaging efforts would face significant penalties.
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