Customers are withdrawing unusually large volumes of cash from banks and are depositing less, raising fears in financial circles.
A customer survey at the weekend showed that complaints by customers over the scarcity of naira notes continued, with queues diverting from less dispensing Automated Teller Machines (ATMs) to banking halls for over-the-counter withdrawal.
But the Central Bank of Nigeria (CBN) has insisted that there is enough currency in circulation to meet all demands. It also cautioned against panic withdrawals.
Several customers had complained of inadequate cash at ATMs, Points of Sale (PoS), Bureaux de Change (BDCs), and in banking halls. Some officials of banks had in turn claimed they were not getting adequate cash supply to meet customers’ immediate cash needs.
Some customers said banks’ ATMs were increasingly not dispensing cash, forcing them into the banking halls where banks were also rationing cash through forced withdrawal limits.
Many customers said they were only able to withdraw about one-third of their cash demand after staying in unusually long queues in banking halls.
The cash scarcity also appeared to be redirecting customer flow to alternative sources such as PoS operators. The uptick in alternative cash demand has seen a subtle increase in charges by some PoS operators.
However, the degree of cash scarcity differs according to location with customers in many areas reporting fewer constraints, although all customers surveyed said they had a sense of scarcity.
#YourViewTVC || Dec 11th, 2023
…
#NewspaperReview #TrendingNews #TVCNews #Entertainment #DailyNews #BreakingNews #NewsInNigeria #YouTube #Video #TodaysNews #TodaysVideo #NaijaNws #NewsNow #WatchVideo#TrendingGist #Nollywood #celebritygist #hotgist #NewsUpdate #Winifred #Buhari #Tinubu #TVC #NaijaNews #Nollywood #Hollywood #YourViewTV #NigeriaNews #Gossip #TodaysGists
…
Watch TVC on GOTV Ch. 27, StarTimes Ch. 121, PLAY TV Ch. 801, UHF Ch. 49
…
Subscribe to TVC:
…
Watch TVC Live:
…
Check out TVC website:
…
Follow TVC on social media: @TVCconnect
…
Like TVC on Facebook:
…
Follow TVC on Twitter:
…
Follow TVC on Instagram:
…
More videos from the TVC network:
