Nigerians lament as naira scarcity bites harder in Abuja, Lagos, Ogun, others

The scarcity of the new Naira notes had frustrated many bank customers who had had the hopes of getting currencies dashed as many bank branches visited by this paper claimed they had no cash to dispense.

Also, long queues witnessed yesterday at the banks premises and ATM as customers eager to withdraw new naira notes to enable them engage in business activities.

Our correspondent’s visit to some commercial banks located within Ikeja, Oregun, Ojota and Ogudu, the bank’s ATM were overcrowded as customers were seen on queue waiting patiently to withdraw money with their various ATM card. Further investigation showed that customers are no longer allowed to withdraw money over counter.

TrackNews gathered that commercial banks are battling with cash shortages due to the January 31 deadline for old Naira notes which had since been extended to February 10 by the Central Bank of Nigeria.

At one of the branches of a tier-one bank on Akonwonjo Road, Egbeda, Lagos, on Monday, customers who wanted to withdraw cash were asked to wait for customers to make cash deposits before they could be attended to.

Also, at the branch of another bank on Idimu Road in Egbeda, it was a similar situation, as a few customers with large cash withdrawals had to wait for a while to have their requests granted.

This has already frustrated some customers, who are beginning to doubt the efficacy of the new CBN policy.

Our correspondent further gathered that commercial banks are battling with cash shortages due to the January 31 deadline for old Naira notes which had since been extended to February 10 by the Central Bank of Nigeria.

At one of the branches of a tier-one bank on Akonwonjo Road, Egbeda, Lagos, on Monday, customers who wanted to withdraw cash were asked to wait for customers to make cash deposits before they could be attended to.

Also, at the branch of another bank on Idimu Road in Egbeda, it was a similar situation, as a few customers with large cash withdrawals had to wait for a while to have their requests granted.

This has already frustrated some customers, who are beginning to doubt the efficacy of the new CBN policy.

While some branches in Ikeja rationed the few Naira notes with them among the teeming customers, others, like GTB branch in Ojodu area of Lagos politely told customers that they had no cash at all.

Similarly, many Automated Teller Machines (ATMs) in Ikeja, Ojodu and Ogba were empty as many customers expressed their frustrations over the development.

Specifically at the First Bank branches located at Ojota and Oregun customers were only allowed to withdraw money with their ATM. One of the Cashiers encourage all customers that intended to withdraw cash to go the ATM stand, noting that nobody will be paid over the counter.But at Access Bank Ojota branch one of the bank’s staff who spoke to Blueprint in a condition of anonymity said that banks have stop over the counter withdrawal. The

A PoS operator in Ipaja area of Lagos said he borrowed a few cash with him, and therefore cannot afford to give out N5,000 to one customer.

“What I can give each customer is just N3,000 plus my N100 charges. It is not my fault, banks are not giving out cash, even what I have is the old Naira notes,” he lamented.

The CBN on Sunday extended the deadline for the exchange of old naira notes by 10 days.

The situation is not different in the Federal Capital Territory, Abuja and its environs as Blueprint checks reveal that none of the commercial banks has loaded its ATM with the new naira notes.

They neither issue out the notes across the counter leaving customers frustrated, tired and angry in some cases.

While the customers express dismay, some bank staff who summon courage told our reporter that they cannot do otherwise, insisting that it is order from above.