There is no end in sight yet to the low cash supply by commercial banks as customers face increasing difficulty with cash withdrawal, checks by Daily Trust have shown.
There are indications that commercial banks have also limited cash withdrawal on Automated Teller Machine (ATMs) to N20,000 for multiple account holders.
Daily Trust reports that the cash scarcity has worsened in recent times despite a warning by the Central Bank of Nigeria (CBN) to impose sanctions on commercial banks.
This is in spite of over N4.3 trillion currency in circulation, which has sustained an upward trajectory in the outgoing year.
The CBN governor, Olayemi Cardoso had at the annual Bankers’ Dinner organised by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos recently assured that the bank would continue to “Maintain a robust cash offering to meet the country’s needs, particularly during high demand periods such as the festive season and year-end.”
Reports from across the country indicated that customers were still having difficulty with withdrawing cash from either the banks or ATMs. It was learnt that customers with multiple accounts are only allowed to make ATM withdrawal of N20,000 on a daily basis.
