Some small business owners and residents in the Federal Capital Territory (FCT) have expressed concerns over the shortage of Naira notes for transactions.
Speaking to the News Agency of Nigeria (NAN) on Sunday in Abuja, they highlighted the challenges bank customers have faced in recent days, including difficulties withdrawing cash from ATMs and POS agents.
This situation has led some POS operators to increase their withdrawal charges. Mary Isaac, a POS operator in Mabushi, shared her frustration, stating she spent over five hours at the bank on Friday trying to obtain cash.
She explained that despite spending hours at the bank, she was only able to get a small amount of cash, insufficient for her business needs.
“Currently, the charge for every transaction starts from N200 and is expected to increase in December. This situation is not our fault but that of the Central Bank of Nigeria (CBN), which has failed to release more cash into circulation,” she said.
Paul Uzor, a businessman, shared his experience of being charged N500 to withdraw N10,000 from a POS agent. He criticized the high charges, calling them unfair to the masses, especially given the tough economic conditions.
He urged the Central Bank of Nigeria (CBN) to ensure that Deposit Money Banks (DMBs) provide sufficient cash, both at ATMs and within banking halls.
Isah Abba, a trader, highlighted the severe impact of the cash shortage on small business owners who depend on cash for daily transactions.
“We cannot operate our businesses this way. Both businesses and customers lack adequate cash, and even POS agents struggle to provide it,” he said.
He called on the CBN to resolve the cash scarcity issue before the festive season begins.
We are aware of the persistent challenges with cash availability at ATMs, which significantly impact everyday Nigerians,” he said.
To tackle the issue, the Central Bank of Nigeria (CBN) is conducting spot checks on Deposit Money Banks (DMBs) and will penalize any institutions found underperforming.
Starting December 1, customers are urged to report any issues with cash withdrawals at bank branches or ATMs directly to the CBN through designated phone numbers and email addresses provided for each state.
He added that guidelines would be widely distributed to ensure public awareness of these measures.
He urged all stakeholders, including mobile money operators and POS agents, to fully comply with regulations to enhance digital transactions and improve service delivery.
He stressed that financial institutions involved in malpractice or sabotage would face penalties.
“The CBN will continue to ensure a strong cash supply to meet the country’s needs, especially during high-demand periods like the festive season and year-end,” Cardoso stated.
