With few days to Christmas and the New Year, banks in Nigeria are already witnessing a cash-strapped, Precision Online Newspaper can report.
Cash-strapped is a financial term that connotes shortage of money or bankruptcy.
Precision Online Newspaper found out that there have been reported cases of cash-strapped among banks in the country since last week.
In Ondo State, some of the residents have expressed dismay about their inability to get enough cash over the counter.
Customers are already being told that they cannot withdraw more than N100000 and that they should use alternative channels.
“The banks have even limited the amount of cash to be withdrawn on the counter while there is no much money in the Automated Teller Machine (ATM). Same is the situation with the point of sale (POS) vendors,” a resident said.
Precision Online Newspaper spoke with two bank officials in Ondo state.
First, a bank official with the United Bank for Africa and another with Ecobank. Both names won’t be mentioned due to the nature of their job.
“Yes, all banks are affected by the cash-strapped. It was CBN doings,” one of them said, adding that there is no reason to shut down operations as being speculated.
“There are other services to be rendered in the bank aside cash transaction. The CBN hasn’t been giving us enough cash in recent times especially since the surge in demand started a few days ago,” another bank official said, adding that there is no reason to close operation.
In its reaction to the recent development, the CBN through its spokesperson, Mr. Osita Nwanisobi, said the issues would be addressed if customers send their complaints to the apex bank through the appropriate channels.
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