Commercial Banks in Lagos State are still rationing the distribution of cash via their Automated Teller Machines (ATMs), a month after the Central Bank of Nigeria (CBN) directed banks to dispense and receive old naira notes as legal tender across the country.
Some banks on the mainland and Island reported that many banks did not have money loaded in their ATMs and the few that had money, rationed it.
The areas visited are: Ojodu/berger, Alimosho, Oshodi-Isolo, Egbeda/Akowonjo, Oyinbo, Festac, Agbara, Gbagada, and Ajah area of Lagos State.
Banks visited are, United Bank for Africa, Guaranty Trust Bank, Wema Bank, FirstBank, Access Bank, Ecobank, Zenith Bank, Globus Bank, Union Bank, Fidelity Bank and Polaris Bank.
The few bank ATMs with cash normally load their machines twice a day, morning and in the evening.
The cash is loaded in the morning at 8.00 a.m and 4.00 p.m in the evening. The amount loaded is between N200, 000 to N300,000., an authoritative source from one of the banks said.
The situation was also the same on the Ajah axis though, the only difference was that almost all the banks were paying N10,000 maximum to customers and non-customers.
However, a bank account holder can withdraw N10,000 five times or more, at once, via the ATM.
Mrs Patricia Amusu, a trader in Ejigbo Market, expressed disappointment in the way banks pay customers their money.
“I am an account holder with UBA, but I have noticed that banks like this one, have limits that a person can withdraw.
“For me because I have account with the bank, I’m allowed to take N20,000 but those who don’t have account can only withdraw N5,000.
“I do not know if this is an order from CBN because all the banks in this area do the same.
“The pattern is not good, they should treat every bank customers equally,” she said.
Mr Friday Dauda, a mechanic, said that the rationing has had negative effect on many customers like him.
“Take for example somebody like me that has just N10,050 in my account and I am here to withdraw N10,000, because this is not my bank, I will not be able to withdraw the money at once.
“I can only take N5000 plus charges will be taken and when I go to withdraw from another bank, I will not have up to N5000 to withdraw to complete the initial N10,000 that I wanted to withdraw.
“This idea that banks have come up with is not the best at all. The CBN should try to stop it,” he said.
Mr Livinus Aniefuna, a marketer, however, told NAN that it was always easy for him to cash out money anytime he was at his bank.
“Though the banks have limits for customers and non- customers, i have never been cut up with that because my friends from the bank always tells me the right time to come for withdrawal.
“I am always the first to withdraw from their ATMs whenever they load. The same way I have friends in the bank who gives me information is the same way others have.
“I have come to realise that in Nigeria when you know people, you will never suffer, that’s why I try to make friends anywhere I find my self,” he said.
On March 13, the CBN directive to banks to dispense and receive old naira notes as legal tender across the country, came hours after the Presidency said the CBN had no reason not to comply with the ruling of the Supreme Court on the naira redesign policy.
But the apex bank in a statement titled, “Old N200, N500, and N1,000 banknotes Remain Legal Tender – CBN’, said the directive was in compliance with Buhari’s administration obedience to court orders.
The statement read, “In compliance with the established tradition of obedience to court orders and sustenance of the Rule of Law Principle that characterised the government of President Muhammad Buhari, and by extension, the operations of the Central Bank of Nigeria, as a regulator, Deposit Money Banks operating in Nigeria have been directed to comply with the Supreme Court ruling of March 3, 2023.
“Accordingly, the CBN met with the Bankers’ Committee and has directed that the old N200, N500 and N1000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023.
Consequently, all concerned are directed to conform accordingly.
Due to the low cash circulation, the CBN has been given a two-week ultimatum by the organized labour to provide adequate cash, failing which its offices will be picketed.
The NLC through its Vice-President, Adewale Adeyanju, said that the congress was keeping an eye on the cash supply to commercial banks by the CBN noting that the current cash flow was not meeting expectations.”
