Nigerians Lament Cash Shortages in Banks’ ATMs

Nigerians Lament Cash Shortages in Banks’ ATMs

Despite recent directives from the Central Bank of Nigeria (CBN) for banks to ensure cash availability in ATMs, many Nigerians are yet to see banks compliance.

Newera News learnt that Nigerians has continue to face severe cash shortages. ATMs across various locations, especially in cities like Lagos and Abuja, often remain empty, while banks struggle to meet cash withdrawal demands over the counter.

Nigerians Lament Cash Shortages in Banks’ ATMs

This has forced many customers to resort to Point of Sale (PoS) operators, who have significantly increased transaction fees due to the limited cash supply.

The CBN attributed the shortages to increased panic withdrawals and high demand for cash ahead of the festive season. Although the apex bank assured the public of sufficient cash reserves, delays in disbursing currency to commercial banks have exacerbated the issue.

Additionally, reports suggest some individuals and businesses may be hoarding cash, further straining the circulation system.

The CBN has introduced penalties for non-compliant banks and pledged to inject N1.4 trillion into circulation to address these challenges.

However, immediate solutions remain elusive, with customers voicing frustrations and concerns over the lack of access to funds.