Banks in Nigerian cities on Tuesday increased cash payout to customers which also immediately saw a sharp reduction in the long queues and massive crowds that characterised the cash dispensary points in the last two and half months.
This came against the backdrop of the sustained cash evacuation from the Central Bank of Nigeria (CBN) to Deposit Money Banks since Friday last week.
Visits to several banks in some major cities on Wednesday showed that most of the banks’ branches had enough cash to meet customers’ withdrawal needs.
According to our reporters, FirstBank branches in Lagos paid ₦10,000 from the Automated Teller Machines (ATM) to both customers and non-customers while United Bank of Africa, UBA paid ₦100,000 over the counter and ₦20,000 in ATMs to customers and ₦10,000 to non-customers.
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However, a visit to Guaranty Trust Bank, GTB, revealed that the bank only paid N15,000 to customers over the counter with a withdrawal slip. Meanwhile, some Point of Sale, PoS, agents in the Lagos Island area had set the maximum withdrawal limit to ₦5,000 per customer.
Findings by our correspondent in Abuja yesterday indicated that all bank branches had enough cash to meet customers’ withdrawal needs.
Bank staff told reporters that CBN had maintained the supply of cash to the bank and that the pressure on them (banks) had ended.
Investigations across the city showed that the ATMs were dispensing mainly the old N1000 and N500 notes.
Africa Today News, New York also gathered that customers were also allowed to withdraw cash up to a maximum of N500, 000 (for individuals) allowed by the CBN over the counter.
It was further gathered that the majority of those who throng banks in the capital city were there to resolve unsuccessful transactions that became synomous with the industry at the peak of the cash crisis.
Investigations also indicated that PoS operators were fully back in business as they were able to withdraw enough cash to meet the needs of the customers.
Their transaction charges have also moderated, as customers were no longer desperate to receive cash from them.