JUST IN: Cash Scarcity Hits More States As Christmas Approaches
More Nigerian States are battling the problem of cash scarcity as the Christmas celebration is fast approaching with barely two weeks to go.
Lagos, Plateau, Edo, and many other states dominated the list of states in which residents struggle to get cash with many banks rationing the available cash while ATMs fail to dispense cash or give out #10, 000 to customers.
Benue State is now also grappling with a cash shortage similar to what some states experienced last week with Makurdi, the state capital being the worst hit. Investigations reveal that many of the Automated Teller Machines (ATMs) operated by Money Deposit Banks (MDBs) failed to dispense cash over the weekend.
Customers were observed queuing at the GT Bank ATMs along Otukpo Road, Makurdi, attempting to withdraw cash, only to find that all three ATMs were out of service.
A staff member from GT Bank, who preferred to remain anonymous, assured that the issue would be resolved later in the day. He advised customers to explore alternative payment methods. In response to queries about individuals traveling to Ayilamo, Tombo ward, Logo government area, for the festive season, he mentioned the necessity of paying canoe paddlers in cash before crossing River Benue.
Emphasizing the need for Nigerians and Benue residents to embrace electronic payment options, the bank staff emphasized that this approach should be adopted until the cash shortage situation improves.
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The current cash scarcity situation echoes a similar episode less than a year ago, attributed to a currency change. Despite this, the Central Bank of Nigeria (CBN) has reassured the public that there is an adequate cash supply and urged people to refrain from panic withdrawals.
