Business activities were, yesterday, paralysed in Lagos State as bank customers queued for long hours at Automated Teller Machine(ATM) terminals across the state to withdraw cash despite the extension of deadline to February 10.
Similarly, electronic banking transfer through the mobile app or USSD code as well as Point of Sales(POS) machines network were extremely poor as people could not pay for services rendered through electronic banking system.
This halted business activities as there was no physical cash to settle for services offered, while the electronic banking system that could be effective for transfer were suffering from network downtime.
Those who had purchased goods from supermarkets and motorists who wanted to buy fuel at filling stations with the hope of using their ATM cards for payment were disappointed.
Following the extension of the deadline for the depositing of old Naira notes by the Central Bank of Nigeria (CBN) for 17 days, Nigerians besieged ATMs in search of cash yesterday with many unable to get cash in the end, while those who got were limited to only one withdrawal of N20,000 maximum from ATMs as banks begin to rationalise the new Naira notes.
LEADERSHIP findings revealed that maximum bank to bank withdrawal from ATMs was limited to N20,000 while other banks withdrawal limit was put at N10,000.
Many ATMs visited by LEADERSHIP in major parts of Lagos were crowded with bank customers seeking to make withdrawals.
Johnson, a banking agent said, it had been difficult for him to get cash to give his customers as he had deposited all the cash which were old notes at the bank before the announcement of the extension by the CBN.
“I do not have any cash now and I have not been able to get any from the bank. I deposited all the cash I had with me yesterday (Sunday) before the announcement of the extension, with the hope that people will come and deposit their old notes today. But everybody is looking for cash now. All the customers that came to get cash, couldn’t get because I dont have any money left with me.”
“Even when I went to the bank to make withdrawal, I was told that there was no cash, both old and new notes. I went to three banks and it was the same story.” Johnson lamented.
Another bank customer who was at the ATM to make a withdrawal said he had been on queue for nearly one hour and still did not get any cash.
“The deadline is of no effect, and the reason is that there is no cash available for the bank to give out. We are at the bank today, but we do not have access to cash withdrawals but only deposit. I am supposed to be in my office now, but I have no cash to go out to see my clients. So, the whole situation does not provide a solution.
“I have been waiting for over 40 minutes just to withdraw money from the ATM. I am not sure the 10-day extension by the CBN will work. My advice to the CBN is that they should allow cash flow into the system. There are no new N200 and N500 series, but if they become available, everything will return to normal,” he pointed out.
While expressing their frustrations, Adeniyi Babatope said: “I have been here for 50 minutes and there is no cash in the ATMs. Inside the banks, they said there is cash but they are only collecting old notes and no withdrawal. The extension of the deadline has made it worse in my opinion as this has added to the suffering we are facing now.
“I am stranded here as I have no access to cash which is the worst of this situation. Look around the banks with long queues and still, we are not getting these notes with ease. Businesses are not even collecting the old notes with the extension of the policy.
Another bank customer at Ojodu area of Lagos State, Anthony Nwosu described the whole process as baffling and do not think it has helped the average Nigerian at all.
“I have been here for an hour, I cannot collect money and inside the banks, they are not giving money to customers. The Mobile apps are not opening to make transfers. Now, tell me how do we get money to do basic things? Our economy is driven by cash because not a lot of people are doing transfers.
“The POS operators are demanding extra charges which are unfair. This has created a loophole for the greedy ones to feast on others,” he said.
Similarly, a pensioner, Margaret Essien, described the whole process as stressful as she has been having migraines and needed to get drugs.
In her words, “I do not use smartphones or make transfers at all, I spend cash but how can I even get it? Most shops and places are collecting new notes or nothing. I don’t think they are aware of the extension because if they are aware, they should be collecting the old notes for now and then stop at the given deadline.”
The rowdiness and fighting at the ATM of a Union Bank in Ikeja area of Lagos State led to the management shutting down the machines.
A staff of the bank explained that “we were disturbed by the rowdiness seen at the queue whereby some people came with more than four ATM cards, and people were able to view the pin numbers of others which is against our ethics here in Union Bank.
“Anybody with more than one ATM will need to go and join the queue afresh from behind rather than using more than one ATM and deny some people the chance to get part of the money. Though we have enough new notes that will go round but nobody can use more than one at once.”
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