Despite the CBN's directive to ensure cash availability at ATMs, Nigerians still face difficulties accessing cash. PoS operators turn to markets and fuel stations for cash, while withdrawal limits remain in place. The cash shortage continues to affect both customers and businesses, with high PoS fees and limited bank services.
Despite the Central Bank of Nigeria (CBN) issuing a directive for banks to ensure the availability of cash at ATMs and banking halls, many Nigerians continue to experience challenges in accessing cash. Following this directive, Point of Sale (PoS) operators have turned to alternative cash sources, such as markets and fuel stations.
A recent visit to several bank branches revealed that only a few ATMs were dispensing cash, often with restrictions. Customers using debit cards from banks other than the one operating the ATM were allowed to withdraw no more than ₦10,000, while those using cards from the same bank could withdraw up to ₦20,000.
CBN Governor Olayemi Cardoso had reassured Nigerians on November 29, 2024, that the cash scarcity issue would be resolved, yet there has been little improvement in many locations. Despite the CBN's efforts to monitor compliance by banks and impose penalties for non-compliance, the situation persists.
This ongoing issue has forced many Nigerians to depend on PoS operators, who charge higher fees for cash withdrawals. With bank branches often unable to meet demand, customers have increasingly turned to these operators for assistance. Many PoS providers now source cash from unconventional places like markets, fuel stations, and abattoirs to meet customer needs.
Source : Daily Post
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