JUST IN! If You Have Money In GTB, Zenith, Access, Other Banks; Read This Immediately As CBN Issues New Withdrawal Policy
The persistent shortage of cash supply by commercial banks continues to frustrate customers across the country, as access to cash withdrawals becomes increasingly challenging. Investigations reveal that banks have further restricted withdrawals at Automated Teller Machines (ATMs), limiting customers with multiple accounts to a daily maximum of N20, 000.
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Despite this scarcity, the Central Bank of Nigeria (CBN) has warned banks of potential sanctions for failing to ensure adequate cash circulation. This comes at a time when currency in circulation has reportedly exceeded N4. 3 trillion, maintaining a steady rise throughout the year. Yet, these measures have done little to alleviate the cash crunch, as many bank users still struggle to access their funds.
CBN Governor Olayemi Cardoso, at the Chartered Institute of Bankers of Nigeria’ s (CIBN) annual dinner in Lagos, assured stakeholders that the apex bank is committed to ensuring a steady supply of cash, especially during peak periods like the festive season. However, on- ground realities paint a different picture, with customers nationwide facing difficulties withdrawing cash from ATMs and over- the- counter services.
One affected customer shared his experience, explaining how his attempts to withdraw more than N20, 000 using different ATM cards were unsuccessful. ” I used another card from a different account to withdraw additional cash, but the system declined, stating I had exceeded the daily withdrawal limit, ” he lamented.
The issue extends beyond the N20, 000 cap, as some banks have further reduced withdrawal limits based on cash availability. For instance, Daily Trust found that some ATMs allow a maximum withdrawal of just N5, 000 for customers of other banks. At a Guaranty Trust Bank (GTB) branch, the withdrawal ceiling was pegged at N5, 000 per transaction, even for users with multiple ATM cards. Similarly, FCMB set a withdrawal limit of N40, 000 for its customers, while others, including Zenith Bank, restricted withdrawals to N20, 000.
To cope with the shortages, POS agents reportedly source cash from unconventional avenues like fuel stations and markets rather than banks. A bank insider revealed, ” Cash supply is very slow, and banks are rationing to ensure everyone gets something. POS operators, however, often get their cash outside the banking system, but customers assume it’ s from us. ”
This ongoing cash scarcity underscores the challenges within Nigeria’ s financial system, with commercial banks struggling to meet demand despite regulatory pressures. Customers, POS operators, and businesses are left grappling with the ripple effects, hoping for a swift resolution to this financial bottleneck. The festive season, typically characterized by heightened demand, may further strain an already stretched system unless urgent measures are implemented to address the crisis.
