As Christmas Day approaches, shoppers are expressing frustration over the escalating scarcity of the naira, hindering their ability to make essential purchases for the festive season.
Recent investigations have unveiled ongoing challenges as banks continue to limit cash transactions at their counters and numerous Automated Teller Machines (ATMs) are reported to be out of service.
Reports from our correspondents, who visited ATM galleries in various cities including Lagos, Abuja, Osogbo, Makurdi, Sokoto, Edo, and Gusau, highlight the widespread issue of cash depletion in ATMs. Despite assurances from the Central Bank of Nigeria (CBN) regarding increased cash flow for economic activities, many bank customers across the country experienced difficulties accessing cash over the counter on Friday.
Over the weekend, observations revealed that numerous poultry sellers and local stores insisted on cash payments for their goods. A roadside trader in Abule Egba, Lagos, known as Mama Sule, lamented the impact on her business, stating that customers wanting to buy onions were unable to do so due to a lack of cash. Similar sentiments were echoed by a trader in Olowoira, Lagos, who cited past failed transactions as the reason for insisting on cash payments.
Christmas shopper Remi Arowolo recounted a frustrating experience while attempting to purchase tomatoes on the road, where the sellers declined transfers and demanded cash. A Point-of-Sale operator in Ibadan, Oyo State, named James, expressed the hardships faced by businesses due to insufficient cash supply, affecting profits and holiday spending.
Despite anonymous sources within banks acknowledging the challenges and the need for increased cash supply, there is a general consensus that the situation persists until the CBN releases more funds. Our investigation also found that ATMs belonging to various banks, including First Bank, EcoBank, Union Bank, Access Bank, Zenith Bank, GTCO, Sterling Bank, and Guaranty Trust Bank, were not dispensing cash in different locations.
Customers at these banks expressed frustration at the non-functional ATMs, with some sharing their disappointment after prolonged waits. The overall sentiment among both shoppers and businesses is one of concern and inconvenience, with hopes pinned on a resolution to the cash scarcity issue in time for the Christmas celebrations.
