By Reporters
Most commercial banks in Edo, Delta and Bayelsa, opened for business at the weekend in compliance with the Central Bank of Nigeria (CBN) directive.
The News Agency of Nigeria (NAN) reports that the CBN had on Friday, confirmed the evacuation of banknotes from its vaults to Deposit Money Banks (DMBs) across the country.
In a statement issued by Dr Isa AbdulMumin, the Acting Director, Corporate Communications, the apex bank also directed all DMBs to open for operation on Saturdays and Sundays to meet their customers’ demands.
According to AbdulMumin, a substantial amount of money in various denominations has been received by the banks for onward circulation to their customers.
“The CBN has also directed all banks to load their Automated Teller Machines (ATMs) as well as conduct physical operations in the banking halls through the weekends.
“Branches of commercial banks will operate on Saturdays and Sundays to attend to customers’ cash needs,” he said.
A survey conducted by the News Agency of Nigeria (NAN) in the three states saw customers on queues, with bank officials making efforts to meet their cash needs.
The banks were, however, dispensing the old Naira notes.
NAN reports that while the banks were paying over the counter, the Automated Tellers Machines (ATMs) were also dispensing cash simultaneously.
Some of the customers, who spoke to NAN pleaded that the banks continue to work at weekends so as to increase the Naira notes in circulation nationwide.
The respondents also appealed for increase in the daily withdrawal limit, saying the approval of between N10, 000 and N30,000 was not sufficient to keep small business operators afloat for now.
In Benin, almost all the banks were open for business.
A customer, Miss Destiny Obehi told NAN that she was able to withdraw N20,000 from Access Bank, as there were only a few customers at the bank.
“I don’t think many people are aware that banks are working today because the queue is very short, unlike during the weekdays.
“But people have started calling their friends and relatives to come to the bank to withdraw cash.”
Mr Prince Efosa told NAN that he was happy to have collected N10,000 from Zenith Bank without wasting much time at the bank.
“I usually spend up to three hours waiting to collect money at the bank, but today, I spent less time.
“I am happy that the cash crunch is easing off, the situation was really bad at the market yesterday.
“Some Point of Sales (POS) operators at Ikpoba Hill Market charged as high as N4,000 to withdraw N10,000 yesterday, and this was really terrible,” he said.
Mrs Iyobosa Bello, while expressing happiness with the new development, urged the CBN to increase the daily withdrawal limits.
“I like the cashless policy, that is what I use for my cloth business but the network can be really bad sometimes, affecting transactions.
“I went to the market to buy goods two days ago but transfer did not work, I then went to the bank and I was told that I could only withdraw N10,000 which was not enough to pay for the goods I wanted to buy.
“I was unable to buy the items and I went home disappointed.
“So the CBN should make enough cash available and remove the daily withdrawal limits to enable small businesses like mine to grow for now, she said
In Warri, Delta, many of the commercial banks opened their doors to customers between the hours of 9 a.m. and 11 a.m.
NAN reports that most customers were able to withdraw between N10,000 and N40,000.
An official of one of the banks expressed joy at the smooth conduct of the exercise, adding that customers were happy with the development.
“We opened for operations at 9 a.m. on Saturday and Sunday in line with the directive of the CBN. We disbursed the amount requested by the customers and we do not discriminate,’’ the staff said.
Mr Anthony Onajite, a customer told NAN that he was able to withdraw the sum of N50,000 he filled out in his withdrawal slip
In Asaba, it was, however, different as some banks did not open, though their ATMs were dispensing cash but had long queues.
Some of the customers, who spoke to NAN, said that the CBN directive had reduced the sufferings caused by the currency swap in the last one month.
According to Mrs Jane Umukoro, I cannot remember the last time I used the ATM until today.
“I am so happy. I decided to give it a trial after closing from the church and within one hour, I was able to withdraw N10,000.’’
“I am happy to an extent because it has been a challenge even getting N2, 000.
“But today with less stress, I have been able to withdraw N10,000,’’ Philip Aka said.
In Yenagoa, the weekend operations helped to reduce the long queues usually being experienced at the banks and ATMs.
NAN checks at some of the banks within Yenagoa, observed that the long queues had disappeared as most of the ATMs dispensed cash while customers also withdrew money across the counter.
Customers were able to withdraw cash ranging from between N15 000 and N30,000.
However, respondents told NAN that the Apex bank aside ensuring it released enough cash to commercial banks, it should also ensure it put in place monitoring mechanism to ensure that Naira notes did not end up in the wrong quarters.
They expressed fears that except proper monitoring mechanism were put in place, there might not be an end to the biting cash crunch anytime soon.
Mr Bestman Torukuru, a civil servant, who expressed joy that the long queues had finally disappeared, appealed to the apex bank to adequately supply banks with enough cash that could cater for the needs of customers.
“From the look of things here, the sufferings might continue because many ATMs in Yenagoa are programmed to pay only its own customers,’’ he said.
Mrs Winifred Akuno, a trader appealed to the CBN to ensure that enough money was supplied to the commercial banks in Yenagoa, for accessibility of funds.
According to her, the CBN should monitor the banks and ensure they comply, because in the coming days the banks may begin to start doing something else. (NAN)
