10 Days To Expiration Of New Deadline Cash Scarcity Worsens In Lagos

Lagosians have been going through difficult times following the worsening of cash scarcity of cash that hit most parts of the metropolis.

Today in Lagos, “on the counter” withdrawal of cash inside banking halls is out of it as most of the financial institutions have consistently asked their customers to make use to Automated Teller Machines, ATMs. Yet most of the ATMs from m the mainland and Islands of Lagos have been without cash .

A handful of them that sometimes pay are often crowded and in few minutes they are empty again as the amount of money loaded in them are not enough compared to demand.

“So this morning I went to two different banks to withdraw and I was told that CBN gave order that no withdrawal from the banking hall . Now ATMs aren’t dispensing cash”, lamented a desperate Lagosian, Oluchi Friday in Ifako Gbagada area.

“This picture here shows the large number of people queuing for Providus bank ATM located at Diya street in ifako gbagada Lagos”, she added as she shared a picture to confirm her claim.

CBN how long will this continue? How long are we going to continue with this suffer after suffering to earn? Hmmmm something needs to be done o .
Oluchi Friday

Crowds of bank customers waiting for the ATM to start dispensing cash at Ifako Gbagada

. This is the only ATM paying around Oshodi Bus-stop and many people queue to withdraw. However their headache is that they were allegedly charged #1000 for #10,000 withdrawal

Buzzministry observed that while banks and ATM’s have no cash to dispense, the few POS operators with limited cash have astronomically hiked their commissions by as much as #500 for #5000 withdrawal depending on locations.

The Central Bank of Nigeria, CBN, had set January 31 as deadline for phase-out of the old #200,#500 and #1000 notes, but bowed to pressure at the dying minute and extended the deadline to February 10.

People are thinking that the 10 days extension might still be enough given that the cash scarcity appeared to be deepening by the day.

President Mohammadu Buhari directed the Governor of CBN, Mr Godwin Emefiele, to extend the deadline to give Nigerians more time to successfully change their currencies to the redesigned notes, and reduce the risk of loss, especially among the underserved in rural areas.

Some of Lagosians, who spoke to Buzzministry on the extension appreciated President Mohammadu Buhari and the CBN Governor saying it was a welcomed development.

They however believed that the10 days extension might not be enough for the whole Nigerians to swap their old 200, 500 and 1000 naira notes.

This according to them is based on the fact that most banks in Lagos are only collecting money from depositors but refusing to pay over the counter.

The Lagos residents appealed to the authorities to extend the deadline for swapping the naira by some months to ensure the new naira months circulate to a large extent.

Over the weekend, Lagos traders, transporters and some filling station operators refused to collect the old naira notes from their customers.

They asked their customers to pay with either the redesigned naira notes or make transfer.

This reportedly led to quarrels between traders and their customers, just as a lot families faced hardship as they did not have cash to attend to their needs including feeding.

Long queues are now the order of the day at the Automated Teller Machines, ATMs, points as they are the only places bank customers can have access to their money.

Some Lagosians said that they have been on the queue for over an hour and still couldn’t withdraw money.

Some traders who also went into the banking halls to withdraw money have been facing disappointments after they were told they could only deposit and not withdraw money.

It was in the news on Monday that the DSS arrested more bank workers and other syndicates for alleged hoarding and selling of the newly redesigned naira notes ,thereby fueling the scarcity. Reports had it that some bankers were allegedly charging as much as #20,000 for ever #100,000 sale.

Lagos residents want the CBN to do everything possible to ensure that the redesigned 200, 500 and 1000 naira notes circulate to all Nigerians before the 10th of next month.

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