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Nigerians Lament As Banks Slash Withdrawal Limits Ahead Of Christmas - Business - Nairaland

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Nigerians Lament As Banks Slash Withdrawal Limits Ahead Of Christmas by Teepresh2: 8:07pm On Dec 02, 2023
Bank customers have said that they are unable to withdraw their deposits for transaction in yuletide season in Ondo State, as the banks have slashed their withdrawal limits across the state.[/b]p

A LEADERSHIP Weekend investigation revealed that [b]many customers could not withdraw the amount they needed over the counter due to a lack of adequate cash on the part of the banks.


When LEADERSHIP Weekend visited some banks in Akure, the state capital on Friday, customers who spoke with our correspondent disclosed that bank officials have adopted the system of reducing their withdrawals based on the amount they intended to withdraw.

According to the customers, the bank officials asked them to use alternative channels to carry out their outstanding transactions.

It was also observed that many banks were operating without adequate cash to meet their numerous customers’ needs.

In some banks in Akure, customers only have access to cash ranging from N5,000 to the maximum of N20,000 respectively.

Also, there were long queues of customers at the Automated Teller Machines points(ATMs) in some banks in the state capital.

The development, it was learnt, affected several operators of Point-of-sale businesses who could not withdraw enough cash from the banks and the ATMs to run their businesses properly.

Some of the customers observed that the problem had started since last week.

A customer, Mrs Toyin Alade, said ”I came to Access Bank and First Bank branches in Alagbaka to collect N200,000 but I could not do so.”

Access Bank officials said they could only give me N100,000. The first bank officers also claimed they could give me only N100,000. The two banks claimed there wasn’t enough cash and subsequently advised me to use alternative channels to do my remaining transactions. ”


One of the banks in Akure, the state capital, who spoke with LEADERSHIP Weekend on condition of anonymity, confirmed the shortage of cash, saying it was due to the cash supply from the CBN.

“According to him, “What we have resorted to doing is to encourage our customers to use alternative channels and give them the little we have on the ground. Currently, we are at the end of the year. The demand is huge and we have to balance it. The CBN hasn’t been giving us enough cash in recent times especially since the surge in demand started some weeks ago.

An operator, who identified herself as Oliwatoyin, said the dearth of cash from the banks affected her business.

For the past few days now, I could not attend to a customer who wanted to withdraw over N25,000 at once. This was because I couldn’t receive much cash from my banks. I was forced to be rationing the little cash I had with me. “

https://leadership.ng/customers-lament-as-banks-slash-withdrawal-limits/

1 Like 1 Share

Re: Nigerians Lament As Banks Slash Withdrawal Limits Ahead Of Christmas by KeenD: 8:15pm On Dec 02, 2023
You suffer to get money, come suffer to withdraw it

58 Likes 5 Shares

Re: Nigerians Lament As Banks Slash Withdrawal Limits Ahead Of Christmas by Think9ja(m): 8:19pm On Dec 02, 2023
Na who get money for account de lament, no be us weh Betta Edu don disappoint

42 Likes 6 Shares

Re: Nigerians Lament As Banks Slash Withdrawal Limits Ahead Of Christmas by Activistman(m): 8:20pm On Dec 02, 2023
I hope we're not going back to the era of Naira scarcity and Emefiele's era because it won't be funny.

31 Likes 1 Share

Re: Nigerians Lament As Banks Slash Withdrawal Limits Ahead Of Christmas by Ogene001: 8:24pm On Dec 02, 2023
They protested against Emefiele, yorubas have taken over everything now. Oya let's see what they will do

99 Likes 7 Shares

Re: Nigerians Lament As Banks Slash Withdrawal Limits Ahead Of Christmas by Dreal1247: 8:28pm On Dec 02, 2023
The scenario where people have to start part with a good money to buy cash appears to be about resurfacing.

7 Likes

Re: Nigerians Lament As Banks Slash Withdrawal Limits Ahead Of Christmas by EtinosaDLaw(m): 8:32pm On Dec 02, 2023
A female friend of mine who has a POS stand told me shortly after the cashless policy had ended that she made more than 3 million naira profit in the space of just 4 months. Money she had never made in the entire 2 years that she has been doing POS work. Now, imagine what the banks made that period when money was being sold. Are you starting to see the clearer picture?

Now, if you think that those who profited from selling Naira will just let it continue flowing, then you don't seem to understand the extent of wickedness of some Nigerians. Most POS operators are earnestly hoping and praying for it to happen again, and they depend on the banks to ensure that it happens. Now its left for CBN to save us from what these people are planning to use in cashing out this Xmas.

BTW, let me put it out there that if that day ever comes that Nigerians will return to buying their own currency, then they must as a matter of urgency free Emefiele and replace him with Cardoso. Because the South South will not take it lightly. I rest my case.

118 Likes 8 Shares

Re: Nigerians Lament As Banks Slash Withdrawal Limits Ahead Of Christmas by Lovemeharder(f): 8:57pm On Dec 02, 2023
Nigerian banks will not kill us. I hope they won't do what they did last year with the old and new currency.

2 Likes 1 Share

Re: Nigerians Lament As Banks Slash Withdrawal Limits Ahead Of Christmas by Zooposki: 9:16pm On Dec 02, 2023
Release Emefiele. Let Cardoso take his spot in DSS custody.

38 Likes

Re: Nigerians Lament As Banks Slash Withdrawal Limits Ahead Of Christmas by happney65: 9:59pm On Dec 02, 2023
Day before yesterday I have started rationing my cash. Na if it is most compulsory is when I will use cash.

Gbogbo yin ni Abuja yen with this yeye policy o ni ku re.

Eyin olofo

17 Likes

Re: Nigerians Lament As Banks Slash Withdrawal Limits Ahead Of Christmas by Padipadi(m): 10:02pm On Dec 02, 2023
Nigeria was created for people that can suffer very well in this world!
It's a pity many are trapped in this terrible country!

71 Likes 4 Shares

Re: Nigerians Lament As Banks Slash Withdrawal Limits Ahead Of Christmas by obaidan: 10:03pm On Dec 02, 2023
everything for naija na anyhow
Re: Nigerians Lament As Banks Slash Withdrawal Limits Ahead Of Christmas by marlow1962(m): 10:03pm On Dec 02, 2023
Chill no need to lament, Nigerians knows how to adapt to suffering, they will definitely adapt or they will find alternatives to every bullshits thrown at them.

6 Likes 1 Share

Re: Nigerians Lament As Banks Slash Withdrawal Limits Ahead Of Christmas by joseph1832(m): 10:04pm On Dec 02, 2023
Hian. There's a scam going on, all to enable POS vendors in remote part of the country.

3 Likes

Re: Nigerians Lament As Banks Slash Withdrawal Limits Ahead Of Christmas by jojothaiv(m): 10:04pm On Dec 02, 2023
Now I understand why dem OGs talk say money in the bank is not a true test of wealth.

7 Likes

Re: Nigerians Lament As Banks Slash Withdrawal Limits Ahead Of Christmas by Akabuking: 10:04pm On Dec 02, 2023

1 Like

Re: Nigerians Lament As Banks Slash Withdrawal Limits Ahead Of Christmas by FuckingMachine: 10:05pm On Dec 02, 2023
I thought Emefiele was the problem?

9 Likes

Re: Nigerians Lament As Banks Slash Withdrawal Limits Ahead Of Christmas by Figure5: 10:06pm On Dec 02, 2023
Too bad
Re: Nigerians Lament As Banks Slash Withdrawal Limits Ahead Of Christmas by Jostoman: 10:06pm On Dec 02, 2023
Just to make things difficult for candidate that will want to challenge APC dubious victory at the supreme court and tribunal.
Re: Nigerians Lament As Banks Slash Withdrawal Limits Ahead Of Christmas by Usmanovic95(m): 10:06pm On Dec 02, 2023
Yearly Cash scarcity is now a norm in our society now.
Re: Nigerians Lament As Banks Slash Withdrawal Limits Ahead Of Christmas by ImoleNaija: 10:08pm On Dec 02, 2023
Think9ja:
Na who get money for account de lament
.

Abi oooo
Re: Nigerians Lament As Banks Slash Withdrawal Limits Ahead Of Christmas by FreeStuffsNG: 10:08pm On Dec 02, 2023
FuckingMachine:
I thought Emefiele was the problem?
He actually created the problem by mopping and destroying significant amounts of the old notes

8 Likes 2 Shares

Re: Nigerians Lament As Banks Slash Withdrawal Limits Ahead Of Christmas by Jostoman: 10:12pm On Dec 02, 2023
Whenever APC say A just put your mind for B.

APC is about to start their Abracadabra.

7 Likes 1 Share

Re: Nigerians Lament As Banks Slash Withdrawal Limits Ahead Of Christmas by Realestatevixen: 10:13pm On Dec 02, 2023
Hmm
Re: Nigerians Lament As Banks Slash Withdrawal Limits Ahead Of Christmas by pacificom: 10:13pm On Dec 02, 2023
Back to Emefiele note scarcity.
Re: Nigerians Lament As Banks Slash Withdrawal Limits Ahead Of Christmas by yewit37486: 10:13pm On Dec 02, 2023
Meanwhile the Ogun state Finance director that sadly lost his life earlier this week withdrew the whooping sum of N112 million naira cash.
So, it's one rule for the rule makers and another for others, real double standards.

4 Likes 1 Share

Re: Nigerians Lament As Banks Slash Withdrawal Limits Ahead Of Christmas by ClearFlair: 10:15pm On Dec 02, 2023
grin grin grin grin
Re: Nigerians Lament As Banks Slash Withdrawal Limits Ahead Of Christmas by Lanre1st(m): 10:15pm On Dec 02, 2023
Emefele saga looming
Re: Nigerians Lament As Banks Slash Withdrawal Limits Ahead Of Christmas by ipobarecriminals: 10:15pm On Dec 02, 2023
angry
Re: Nigerians Lament As Banks Slash Withdrawal Limits Ahead Of Christmas by lexy2014: 10:16pm On Dec 02, 2023
Activistman:
I hope we're not going back to the era of Naira scarcity and Emefiele's era because it won't be funny.

this thing has been on for up to 5 months now. many people just ignored and behaved as if it was normal.

the present government has not been able to rise above the failings of the last administration.

no one is in charge

2 Likes

Re: Nigerians Lament As Banks Slash Withdrawal Limits Ahead Of Christmas by BreakingNews21: 10:16pm On Dec 02, 2023
Seems like some bank managers are still selling the currency they received from the CBN to Forex and Parallel Market traders for a profit. 🤫
Re: Nigerians Lament As Banks Slash Withdrawal Limits Ahead Of Christmas by FuckingMachine: 10:16pm On Dec 02, 2023
FreeStuffsNG:
He actually created the problem by mopping and destroying significant amounts of the old notes

So you're saying that Tinubu's appointee cannot solve the problem?

10 Likes

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