Yuletide in Chaos: Nigerians Struggle Amid Cash Scarcity
After Central Bank of Nigeria ordered Deposit Money Banks to guard against creating artificial cash scarcity in the country, a circular dated November 29th Jointly signed by Acting Directors Solaja Olayemi (Currency Operations) and Isa Olatinwo Aisha.
According to the circular, the Central Bank Nigeria directed all banks to ensure that there is efficient cash disbursement throught the ATM, and over the counter.
In a circular dated November 29, jointly signed by Acting Directors Solaja Olayemi (Currency Operations) and Isa-Olatinwo Aisha (Branch Operations), the CBN outlined measures aimed at improving cash availability. Warning that there will be severe penalties for non compliance.
The bank also urge citizen to report banks going against such circular. An Abuja citizen under anonymity stated that “His bank paid him N5000 and was directed to use the ATM for more funds.
Another customer said she experience a similar event at a United Bank for Africa customer in Abuja said his bank dispensed N20,000 over the counter, while ATMs dispensed N20,000 to customers and N10,000 to customers of other banks as of Friday.
A Zenith Bank official in Delta State revealed that their branch paid a maximum of N20,000 to customers, both over the counter and through ATMs.
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