As the Yuletide season approaches, certain Deposit Money Banks have lowered their customers’ withdrawal limits in response to a surge in demand for more cash by bank customers.
According to findings from bank branches in some of the country’s most important cities, many clients were unable to withdraw the complete amount they need over the counter due to a scarcity of cash on the side of the banks.
Some bank customers stated that bank employees simply lowered the amount they intended to withdraw and told them to complete their outstanding transactions through other channels.
Furthermore, it was discovered that most banks did not fill all of their ATMs, worsening the issue for customers.
The development, it was learned, had an impact on some point-of-sale business owners who were unable to withdraw enough cash from banks and ATMs.
Some of the customers observed that the problem had started last week. The reason for the shortage, according to some bank staff is due to cash shortage and supply from CBN.©Standard Gazette, 2021. Unauthorized use and/or duplication of this material without express and written permission from this site’s publisher is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Standard Gazette with appropriate and specific direction to the original content.