Naira scarcity: Banks pay old notes, ration new to customers

Banks across Ibadan, the Oyo State capital, on Sunday, opened their doors to customers to withdraw cash and transact other financial transactions in line with the directive of the Central Bank of Nigeria (CBN).

Long queues were witnessed within the banking premises as customers besieged the financial institutions for transactions.

It was also observed that old notes were issued to customers, while new naira notes were still being rationed to them.

Most banks operated between 9:00 a.m. to 4:00 p.m. with customers taking turns accessing the banking hall to collect mostly old notes.

In several locations, long queues of customers trying to make withdrawals were recorded, with some of them expressing relief of getting their money after months of scarcity.

Bankers told NAN that the naira supply situation was expected to gradually ease out within the week and beyond as the CBN had matched its word with action.

Some of the customers said with the withdrawal limits on both old and new naira notes, they may be forced to face more hard times ahead.

A customer, Olaniyi Olawuyi, expressed joy that banks operated during the weekend, saying he was able to withdraw cash after long months.

READ ALSO: Naira scarcity: Queues gradually disappear as banks, ATMs dispense cash

“I was at my bank for financial transactions. Although there were old notes that I withdrew from the Automated Teller Machine (ATM) but the most joyful thing is that there was no queue at all while the cash limit remains N10,000.

“But in other places, long queues were visible as customers lined up in front of the banking hall and ATM,” Olawuyi said.

On her part, Adurayemi Ojeyemi, said there were queues where she had gone to withdraw, but expressed optimism that the hardship would reduce after sometimes.

“I saw long queues in some other banks, but I thought things would be better than what they had been some months back.

“I have been coping at this time by collecting cash from market sellers and so far that has been my way out of this present predicament,” Ojeyemi said.

Also speaking, Mayowa Olayinka said long queues were experienced in the morning but gradually eased out towards evening as fewer people were seen on queue at most ATM points.

Olayinka stated that many people preferred to queue than pay a certain amount on every withdrawal via PoS.

“Different banks have different withdrawal limits from N2,000 up to N20,000, but they are old notes. I still wonder why the new notes are scarce.

“But it is a thing of joy that the CBN has decided to make more cash available for Nigerians,” he said.

Lizzy Adelaide decried situation that many banks stopped attending to customers before 4:00 p.m., which was the closing hours set by the banks.

She, however, commended the innovations and ingenuity of some banks that have provided other means of attending to their customers’ complaints.

The Star