ibietela2:
Across the fucking Country.

Here in PH too

VickyRotex:


Kini mmm?

habbi080:

Damn fucking Country..

Lionofdjungle:
You can see that there is no difference between MMM and banks. MMM froze its operations till January, banks equally systematically regulated the way they dispense money. That shows that they too don't have enough money in circulation to give to all their customers. If all the customers of a bank decided to collect their money at the same time, such a bank would fold up. They too are using another person's money to pay a customer. The same principle that Mavrodi uses. Why then, do you want to crucify Mavrodi?

Leopantro:

Have you noticed the crowd at ATM at banks recently. Most time, only 1 or 2 of the machines would be dispensing or non at all. Within the bank hall, the story is not different. Stories are being told of inability of banks in paying money over the counter; clients told to wait until people deposit enough for people to be paid. Was in GTB where a cashier told a man who came to clear a cheque that they were not financial capable of honouring the check, if he could come back later. The sum of the cheque ; N200,000.
This is a normal occurrence during the festive season but you will agree that the degree is particularly higher this year. Sadly, this is an unfortunate but indirect deliberate action from the FG arising from 3 main reasons producing "the butterfly effect"

1. FG FINANCIAL SHORTFALL; as is painfully obvious, the FG has been unable to pay salaries of most of its agencies and civil servants for the past month or two. Although there has been renewed drive in boosting the private sector, the bulk of money in circulation arises from the FG. The short fall is attributed to the economic recession currently affecting the country as well as stringent polices undertaking by the FG. This is further worsened by the inability of the CBN to checkmate the free fall of the Naira against the dollar. For the first time in years civil servants are being owned months as against the promise of being paid on the 25th of the month. The current predicament was foretold by the CBN about 5 months ago but was unfortunately down played by the FG that assured that it was capable of paying salary till the end of the year. With the skyrocketing of prices of products and the reduction in purchasing power of the currency. has made the yuletide one of the most difficult ever experienced.

2. In order to reduce recurring cost, the FG has told the CBN to stop printing new notes. Apparently, the cost of minting a new naira note is more than the face value of the note. This reduces FG cost in making money as a salvage means of saving money during this recession. The problem is this is a standing order that has been in effect for the past 6 months. Also, old and dilapidated notes are constantly being removed. This reduces the physical cash in circulation. Combined with the reduced purchasing power of naira notes, this creates an artificial scarcity. Considering that Nigeria is yet to achieve a cash less policy, ongoing recession, dependence on imported products as well as inability to locally produce such imported goods, this creates a stagnation in the economy

3. Due to 1 and 2 above, as well as well inability to achieve the budget benchmark for oil, repeated destruction of oil tanks, TSA effect on banks, etc, the revenue generating capability of the FG has drastically reduced. This has also affected the CBN's ability to provide a key function; cash flow. Ideally, the CBN lends finance in the billions and high millions to banks in the country on a daily basis at a certain interest rate. The banks allocate the shared amount to their various branches based on certain factors. Banks can also request for and loan other banks funds at certain rates on a daily basis.

Due to the above reasons, there is a drastic reduction in the amount the CBN can now give to banks. This also reduces the allocation banks give to their branches either on a daily or alt day regimen. Although such branches can generate money based on deposits but during the Yuletide season, the withdrawals are usually more than the deposits. As such, branches develop certain means to maintain the flow of physical cash I.e not honouring cheques above a certain amount, deliberately utilizing one or two ATMs, delays in over the counter withdrawals. Zenith bank in some states have placed a daily limit of 50,000 on withdrawals. Online transactions are not excepted as the sheer number of users have also increased; bank to bank transfers still works but payment of bills and services may experience hitches and delays. Unfortunately, considering the end of the fiscal year has been moved from January to March, such abnormalities may persist well into the next year.

lawal28c:
Abi na buhari dey cause diz 1 again?cos it seems some pipu just dey foolish dat dey must almost blame errytin on buhari.

princetom1:


MR MURTALA MOHAMMED

tyokunbo:
Source: http://towncrieronline.net/2016/12/24/frustration-as-atms-dispense-less-cash-in-ekiti-photos/

Commercial bank customers today decried lack of money in many Automated Teller Machines (ATMs) in Ado-Ekiti.

A Facebook User Merry Triple A Adeola shared photos about banking operations this morning. She wrote, "Cashless Christmas: Frustration, anguish as ATMs dispense less cash... This is a true picture of #IStandwithBuhari"

Photos

modaink333:
Buhari is a disgrace.....we didnt experience such at Christmas during GEJ era....and yet one physcophat will come hia and say buhari is working........yes, he is woking on ur damaged brain

tyokunbo:
Source: http://towncrieronline.net/2016/12/24/frustration-as-atms-dispense-less-cash-in-ekiti-photos/

Commercial bank customers today decried lack of money in many Automated Teller Machines (ATMs) in Ado-Ekiti.

A Facebook User Merry Triple A Adeola shared photos about banking operations this morning. She wrote, "Cashless Christmas: Frustration, anguish as ATMs dispense less cash... This is a true picture of #IStandwithBuhari"

Photos

tyokunbo:
Source: http://towncrieronline.net/2016/12/24/frustration-as-atms-dispense-less-cash-in-ekiti-photos/

Commercial bank customers today decried lack of money in many Automated Teller Machines (ATMs) in Ado-Ekiti.

A Facebook User Merry Triple A Adeola shared photos about banking operations this morning. She wrote, "Cashless Christmas: Frustration, anguish as ATMs dispense less cash... This is a true picture of #IStandwithBuhari"

Photos

1wolex85:


What CBN needs to do is deepen the implementation of Mobile Money. In Kenya, once I have your phone number, I can transfer money to you. This also saves a lot of money in printing cash. Another option is to take advantage of cash based businesses and use them as mobile money agents. For example, I should be able to walk into a Petrol station or supermarket, deposit money in their account through their POS and they give me the cash equivalent. It will help this businesses reduce their cash calls and bank trips.

IYANGBALI:
your early plans reach five thousand naira?

VickyRotex:


lmao! I see. Why iz you velzing

Monimatic:
same thing is happening in Lagos,

lot of queue at ATMs across Lagos

afrokid:
I experienced this thing last Sunday. Almost all the banks in the whole Ado-Ekiti had no cash? Why is the CBN keeping silent on this?

ibietela2:
Across the fucking Country.

Here in PH too

oyb:
they should go and queue with santa fayose na

Shiifi:
The poster above me was ur problem

youngaz:
Dis one is "Dispensing less" U're still complaining ....come to Okuku in Osun...it'll be "Unable to dispense"

yedidiah:
you wan borrow from me. or you wan add to it?