After receiving a direction to begin over-the-counter payment from their regulator, the Central Bank of Nigeria (CBN), Nigerian banks are adamant that there is no cash available to pay consumers.
The governor of the Central Bank of Nigeria, Godwin Emefiele, ordered deposit money banks to start issuing the newly designed naira notes over-the-counter on Thursday, with an N20,000 daily pay-out limit.
The instruction was stated in a statement from the CBN’s corporate communications department that was signed by Osita Nwanisobi, director.
However, when I visited the majority of bank locations around Lagos on Friday morning, neither the ATMs nor the over-the-counter cash payments were functioning.
One consumer told BusinessDay, “I have visited all the banks in Ketu, Lagos, and even went inside the banking hall to demand cash payment, but they have all told me there is no money. Another client who visited a Zenith Bank branch at 2:00 pm reported that the bank was paying over-the-counter, but only N5,000 per client.
The Nigerian Police, the Federal Inland Revenue Service (FIRS), the Economic and Financial Crimes Commission (EFCC), and the Nigerian Financial Intelligence Unit (NFIU) are working together, according to the apex bank, to address the unpatriotic habit of Nigerians regarding naira abuse.
According to the statement, “The CBN has witnessed, with grave worry, the actions of those who sell the newly redesigned banknotes and those who flagrantly abuse the legal tender by tossing wads of Naira notes in the air and stamping on the currency during social occasions.”
The CBN has reportedly seen both long lines at ATMs around the nation and an increase in the instances of persons hoarding and aggregating the newly introduced banknotes they serially collect from ATMs for reasons best known to themselves. The reported instances of unregistered individuals and non-bank personnel exchanging banknotes for members of the public while ostensibly acting on behalf of the CBN are also concerning.
It is illegal to sell the Naira, hurl (spray), or stamp on the currency in any situation, contrary to what these unpatriotic people have been doing, the statement stated.
The largest bank in the most populous nation in Africa announced that the old notes would no longer be accepted for use in transactions after February 10, 2023.
In conclusion, Nwanisobi urged Nigerians in a statement to use alternative payment methods for their transactions, claiming that the country’s payment system is reliable and among the best in the world.
This means that he thinks that Nigerians should adapt to the cashless policy by use of transfers for their daily transactions.
