By Olushola Omogbehin
As every festive season in Nigeria, particularly Christmas is always greeted with one scarcity or the other that will make life unbearable for citizens, there are indications that 2024 edition of the birth of our Lord Jesus Christ would not be an exception as Nigerians are beginning to complain about the deliberate economic sabotage by the banks that has brought about the scarcity of naira in the market.
This revelation which has made many Nigerians unable to have access to their hard earned money Over the Counter (OTC), ATM and at POS points, have been traced to be a deliberate attempt by bankers to hoarding of cash so as to make quick business in this yuletide season.
In order to establish the true position of this situation, The Pinnacle Times went to town and discovered that bank customers now queue for hours only to be restricted to ₦20,000 naira withdrawal limit and sometimes ₦10,000. Such is the case of a man last week in Gwarinpa Abuja, who approached a POS operator and requested a withdrawal of ₦20,000 from his account. He was told with arrogance by the operator that he can only withdraw ₦5,000. He further told him that the scarcity of cash has made POS operators to depend solely on transfer in order to survive in business.
Another POS operator in Jahi part of Abuja who preferred to simply be referred to as Janet, grieved over the difficulty she encountered during her effort to withdraw money from her bank to keep her business alive. She said many POS operators now bribe bank officials in order to get little cash that is not enough for business. As a result of this, withdrawal charges have gone up.
According to her, the withdrawal of ₦10,000 which initially costs ₦200 now goes for ₦300, a situation which has led to the folding up of many operators. Expressing her assurance of enough money in circulation, Janet sees this as a deliberate sabotage of the effort of CBN and the federal government.
However, in order to address this situation and allow Nigerians to have free cash scarcity season and celebration, the Central Bank of Nigeria (CBN) has given directive to Deposit Money Banks (DMBs) to improve cash availability in their branches and Automated Teller Machines (ATMs).
The Central Bank Governor, Olayemi Cardoso through the Acting Director of Currency of Operation, Solaja Olayemi and the Acting Director of Branch Operation of Isa Olatinwo Aisha of the apex bank, has delineated the various ways to putting an end to this currency crisis that has left many Nigerians at the mercies of the bank.
One of such measures by CBN to arrest this situation was the instruction to commercial banks to ensure efficient cash disbursement over the counter (OTC) and through ATMs.
“DMBs are directed to ensure efficient cash disbursement to customers over the counter (OTC) and through ATMs as the CBN will intensify its oversight roles to enforce this directive and ensure compliance.”
In order to enforce compliance and ease the burden of Nigerians so as to have crisis free Christmas celebration, CBN has urged Nigerians to report any commercial bank that contravenes this directive thereby making life unbearable to Nigerians this season.
“Members of the public who are unable to obtain cash over the counter or through ATMS at DMBs, are encouraged to report these instances using the designated reporting channels and format that are expected to aid CBN in addressing the situation that confronts cash availability.”
The Central Bank of Nigeria has gone ahead to enjoin that affected members of the public should provide details such as account name/name of DMB/amount/time and date of the incident. This should however be communicated through phone call: Designated phone number(s) of the CBN Branch in the state where the incident occurred or send an email of the incident to the designated email address of the state in which the incident occurred.
As the CBN is taking this step in order to address the cry of both citizens and denizens on the current cash scarcity and the difficulties in assessing their hard earned money from the bank and at the Point of Sales (POS) operators, the CBN Money and Credit Statistics has said that there is a 3.8 per cent increase in cash outside banks between August and September 2024 which does not justify the current cash-strapped situation.
As preparations are on top gear for the yuletide season therefore, Nigerians pray that CBN directives to commercial banks would be obeyed so as to improve the situation that is already making many to be afraid of how the season would be without cash in hand.
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