- The rush to access new naira notes has caused a bit of chaos at many banks and ATM points across Nigeria.
- Many ATMs are currently not dispensing cash because of a scarcity of the new naira notes which the CBN claims should be enough for public demand.
- In one of the tier-1 banks in Lagos, customers got into a fight over attempts to use multiple cards for multiple withdrawals.
A huge fight broke out at the ATM point of a tier-1 bank on Friday, January 27, 2023, over disagreements about whether customers could use multiple cards to withdraw cash from the ATM at a time.
According to calabargistblog.com.ng correspondent who was at the scene, the fight at the bank branch located on Ago Place Way, Okota, Lagos, started when some customers insisted on withdrawing cash with 4-5 cards at their turns.
Since the Central Bank of Nigeria had directed that the maximum withdrawal for any individual card is N20,000 daily, it only made sense for those who need more cash to withdraw using multiple cards.
Source: UGC
The act was clearly rejected by scores of other customers who insisted that each person should only use a maximum of two cards for withdrawal.
The suggestion was issued so that the queues would move faster to enable everyone to get at least a maximum of N20,000 of the already scarce currency. The suggestion was rejected by those who insisted they must use all of their cards for withdrawals and not caring what the others thought.
Further arguments led to pushing and shovings and then quickly escalated to two individuals engaging in fisticuffs before they were eventually separated by other customers.
The fight which caused chaos at the ATM point forced private security officers and the police at the bank to bar customers from using the ATM for close to an hour until normalcy and orderliness were restored.
Scarcity of new naira notes
Thousands of customers had besieged various banks and ATM points in order to withdraw some of the new naira notes after depositing all of their old naira notes. The new naira notes had become so scarce that many Nigerians who had already cleared the old notes in their possession were now left with no cash at their disposal at all.
Many of the ATM points across Lagos were not dispensing cash and customers who found their way into the banking hall were confronted with the dilemma of accepting the old naira notes or exiting the halls without any cash.
The banks have been battling a shortage of new naira notes despite the CBN’s directive against the loading of old naira notes in ATMs. The CBN also forbade banks from issuing over-the-counter payments of new naira notes to customers
Nigerians stranded as businesses begin rejection of old naira notes
In a desperate effort to meet up with the CBN’s January 31 deadline for the depositing of old N200, N500 and N1000 notes at banks, many businesses have started to notify their customers and clients of a time limit for the acceptance of the old currencies.
Supermarkets, eateries and popular hangout spots in some major cities have displayed notices within and outside their establishments warning customers that they will cease the acceptance of the old naira notes on dates before the January 31 deadline.
calabargistblog.com.ng’s visit to some popular markets in Lagos, revealed that some traders who are fully aware of the CBN deadline have also started notifying their customers
According to reports, some popular churches and have also sent emails to members directing them not to make payments for tithes and offerings in old naira notes after the CBN deadline.
CBN says no extension of the January 31 deadline
The CBN governor, Godwin Emefiele has reiterated that there would not be an extension on the January 31 deadline for the depositing of old naira notes. Emefiele’s decision comes despite the inability of bank customers to access the new naira notes from banks and ATM points.
The apex bank’s governor stated that 100 days’ notice was enough for customers to deposit their old banknotes with their banks, hence the decision to not extend the deadline. He highlighted its directive to banks to open on Saturdays to accommodate customers returning old naira notes.
The CBN governor also insisted that the CBN has enough new notes to meet the demand of the public, but recent developments have proven otherwise.
Source: calabargistblog.com.ng
