UPDATE! ! If You Have Account With These Banks, Read This As Zenith, Access Set New Withdrawal Limit
The ongoing cash scarcity in Nigeria has triggered a new wave of withdrawal limits imposed by commercial banks. Customers are now restricted to withdrawing N10, 000 over- the- counter and a mere N5, 000 from ATMs per transaction. These stringent measures come amid a nationwide cash crunch, which has created ripple effects across various sectors, especially among Point- of- Sale (PoS) operators, who have hiked their transaction charges by as much as 100%.
Reports from various bank branches in Lagos reveal that the cash shortage has led to drastic measures. A Zenith Bank staff member disclosed that they were rationing cash due to delayed supply from the Central Bank of Nigeria (CBN). Similarly, a First Bank staffer confirmed that their vaults were virtually empty, citing a lack of deposits from customers. These limitations affect individuals and businesses alike, creating frustration and raising concerns about the efficiency of the financial system.
The cash scarcity has compounded the challenges faced by PoS operators, who have become lifelines for many Nigerians in accessing cash. With banks struggling to provide cash, PoS agents often resort to alternative means, such as purchasing cash from market traders and filling station attendants. This increased operational cost has forced them to double their charges, which previously ranged between N100 and N200 per transaction. Adedamola Adeleke, a PoS operator in Lagos, lamented the worsening situation, noting that even fintech platforms’ new Electronic Money Transfer Levy (EMTL) deductions have further strained their operations.
In a bid to address the crisis, the CBN recently introduced measures such as releasing phone numbers for customers to report banks with non- functional ATMs. However, these efforts have yielded little success, as many ATMs remain cashless weeks later. Critics argue that the apex bank’ s actions are not sufficient to mitigate the worsening cash crunch, which has left both banks and customers grappling with financial uncertainty.
The cash scarcity not only disrupts daily financial transactions but also erodes trust in the banking system. Small businesses, especially those reliant on cash payments, are bearing the brunt of this crisis. The rising cost of accessing cash through PoS operators adds to the financial burden of ordinary Nigerians, highlighting the urgent need for systemic reforms.
As the cash scarcity persists, stakeholders are calling for more robust solutions from the CBN and commercial banks to stabilize the financial ecosystem. Without immediate intervention, the situation could escalate further, exacerbating economic challenges for millions of Nigerians.
