- Customers Struggle with Reduced ATM Limits and Over-the-Counter Transactions Nationwide
The persistent cash shortage in Nigeria shows no signs of easing, as customers continue to face difficulties withdrawing funds from commercial banks. Investigations by Daily Trust reveal that most banks have capped Automated Teller Machine (ATM) withdrawals at ₦20,000 daily for individuals with multiple accounts, further compounding the crisis.
Despite the Central Bank of Nigeria (CBN) circulating over ₦4.3 trillion in currency this year and threatening sanctions on banks failing to meet withdrawal demands, the scarcity continues to worsen.
CBN Governor, Olayemi Cardoso, recently assured Nigerians during the annual Bankers’ Dinner in Lagos that measures were in place to ensure adequate cash flow, particularly during peak periods like the festive season. However, reports from across the country suggest otherwise, with many customers unable to access sufficient funds from either ATMs or bank branches.
“I couldn’t withdraw more than ₦20,000 using my first account’s ATM card. When I tried my second account, I received a notification that I had exceeded the daily withdrawal limit,” a customer told Daily Trust.
In some cases, findings revealed that withdrawal limits vary depending on the bank and availability of cash. At Guaranty Trust Bank (GTB), ATMs restricted cash withdrawals to ₦5,000 for users of other banks and ₦20,000 for their customers. First City Monument Bank (FCMB) allowed its customers to withdraw up to ₦40,000, while Zenith Bank maintained a daily cap of ₦20,000.
Point-of-sale (POS) agents also lamented the severe impact on their businesses. Mosuru Oluwasegun, a POS operator, called on bank authorities to ease cash restrictions. “It’s becoming impossible to run our businesses. Banks only dispense ₦5,000 per transaction, which is inadequate for our operations,” he said.
A senior bank official, speaking anonymously, confirmed that limited cash supply is forcing banks to ration withdrawals. “The cash supply is slow, and we have to manage it to ensure availability across branches. Many POS agents now source cash from markets and fuel stations instead of banks,” the official explained.
Despite assurances from the CBN, the cash crunch continues to disrupt daily activities, leaving Nigerians frustrated as they struggle to meet their financial needs.
