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The hardship suffered by Nigerians has been compounded following a nationwide cash crunch as banks now ration the amount of cash customers can withdraw both across the counter and through the Automated Teller machines(ATM).
A visit by modern muse media team reveals that some banks pay as low as N5,0000 across the counter and N10,000 for ATM withdrawals.
It was also revealed that if you have “long-legs”, you could be paid more as was witnessed in one of the banks visited.
According to a bank staff who spoke off camera, he said that “The recent cash crunch was a result of low cash supply from the Central Bank of Nigeria((CBN) and also low cash deposit by customers”.
As a fallout of cash rationing by deposit money banks, it is the POS operators that are smiling as the cost of withdrawal at the terminals has significantly increased. From our finding, to withdraw N12,000 from a POS operator attracts a charge of N400 as against N200, and upon questioning, it was gathered that they buy money from sources which they failed to disclose.
The central bank of Nigeria had earlier cautioned banks on cash racketeering. They banks were also directed banks to ensure efficient cash disbursement to customers Over-the-Counter (OTC) and through ATMs as the CBN will intensify its oversight roles to enforce this directive and ensure compliance.
