…As naira crunch increases their woes
From Charity Nwakaudu, Abuja
despite the promises by the Central Bank of Nigeria, (CBN) that it has enough Naira notes to meet the cash needs of the banking public, Federal Capital Territory (FCT), Abuja, residents have continued to experience difficulties in accessing cash for daily transactions.
Residents told Daily Sun about their increasing frustration: “Even the banks now have limits to what can be withdrawn.” Our reporter, who visited some banks observed that most Points of Sale (PoS) operators now spend most of their times in the bank as they withdraw from the banking hall to join another line for the ATM outside the hall to increase their cash flow.
A POS operator, Henry Abah, at Jabi upstairs lamented: “Since we entered December 2023, these ATMs have not been dispensing cash as usual. Even the banks are rationing what they give to customers.
“There is naira scarcity and most likely it may be because people don’t trust the Federal Government. Though they promised that there is no deadline but some Nigerians have started preparing ahead.
“This scarcity really affected our businesses because though the charges have been doubled but the take home is very small.”
Another POS operator, Charles Tochi, said: “I cannot get enough cash for my business; my business is suffering. I am not making profit and it really affected my Christmas celebration because the business was down and there was no money to flex.
“People are complaining that we are now charging N200 for N5000 instead of N100. Even with the increase we are not making any profit. When you calculate your transportation and the stress for standing for hours and not getting enough mony,you will discover that it was better before.”
Yunisa Abubarka, a POS operator in Katampe, said: This scarcity started early December. I don’t really know what caused it. But the government kept telling us that they have enough money to spread over the country but we can’t see or feel it . Even the redesigned ones are nowhere. Is it that people are hiding the redesigned ones or they weren’t even printed? I had to rest from the business because no take home again.
“Transport to the bank to collect only N20,000 and go to struggle for more from the ATM is too much stress. With the present economic situation most Nigerians are not even ready to waste anything. They are all in bank struggling to save that little change that we are supposed to get.”
Petty traders have joined the lamentations. “Many customers are saying they don’t have cash. Though I have bank account, but I won’t accept transfers because I experienced many failed transactions the other time. It is affecting my business badly,” Madam Ene from Wuse Market said.
Also, a trader in Lugbe, said: “I am still insisting on cash for payment because I have experienced failed transactions before. If you have cash I will sell to you.”
Sabinus, provisions seller said: “Though it was not like the previous one, but it is really affecting businesses for those of us that sell small things. You won’t be expecting children to be doing transfer for you. And at times I don’t welcome transfer from strangers because they have found the habit of giving fake transfer alerts.”
However, an official of one of the top commercial banks,who does not want his name print confirmed that banks are rationing notes“We are still rationing cash to customers, but if the cash supply increases, we will give out. We don’t have enough even for our ATMs. Maybe if the CBN released more cash, we should have more.”
When Daily Sun visited some ATM galleries, on Friday, between 3:00 and 4:00pm, most were not dispensing cash to customers, although security personnel there said the cash had all been withdrawn.