Some states are experiencing cash crunch as the Automated Teller Machines (ATMs) no longer dispense money and banks ration cash withdrawal Over The Counter (OTC) by depositors.
The Central Bank of Nigeria (CBN) blamed the situation on ‘uneven cash flow and huge withdrawal by depositors ahead of the festivities
Many Nigerians in some of the states already hit by the cash crunch expressed frustrations in accessing cash.
Some of the states already hit by the cash crunch, with commercial and other business activities experiencing some hitches, include Ondo, Edo, Kwara, Delta, Plateau, Jigawa and Osun among others.
In Plateau State, commercial banks were experiencing acute scarcity of cash, development that took a toll on business activities.
The Nation learnt that banks rationed cash to customers OTC in the banking hall. The ATMs were programmed to dispense limited cash. The queues were long.
In some of the banks within the Jos metropolis, only few ATMs dispensed cash. The others were deactivated because they were not loaded with cash.
The situation was, however, different in Katsina, the capital of Katsina State and other urban towns, where businesses continued without glitches.
The N1000 and N500 notes were in circulation,
In Dutse, Jigawa State, customers making bulk withdrawals from their banks had harrowing tales as commercial banks in the state cut the amount of cash paid they gave to their customers to a maximum of N20, 000.
Residents of Ilorin and environs in Kwara State were also hit by the cash crunch due to failure of commercial banks to load their ATMs with cash.
Investigations by our correspondent revealed that some of the banks within the Ilorin metropolis that had cash in their ATMs pegged the amount collectable at between N5000 and N10, 000. OTC withdrawals ranged between N10, 000 and N50, 000.
Residents of Warri, Effurun and environs in Delta State, also expressed concerns over the stress they went through to access cash.
It was learnt that the cash squeeze in these areas had been on for over a month, arising from the failure of banks to facilitate adequate cash withdrawals.
A PoS operator at the popular Robinson Plaza, off Deco Road, Warri South Local Government Area, said several operators had resorted to buying cash from traders to keep doing their businesses because banks have been issuing little or no cash.
In Akure, the Ondo State capital, residents found it difficult accessing their money in commercial banks in the state. OTC maximum withdrawal was N20, 000.
