Many Nigerians have continued to decry the untold hardships caused by their inability to withdraw from Automated Teller Machines (ATMs) and the withdrawal limits set by various banks.
They noted that few ATMs are working. Hence, the long queues by customers denied withdrawing a certain amount over the counter.
Mr Ayo Ajewoye, an entrepreneur, said it had been challenging to withdraw money from the ATMs, and there was a limit on people’s withdrawals.
Ajewoye said that although many ATMs were not dispensing new notes, being unable to go about our daily lives with enough cash was hard enough.
“Our businesses, which is our livelihood, have been greatly impacted; let there be a respite; that is all we are asking for,” he said.
Mrs Aina Ogunwusi, a pepper seller, said due to the situation, pepper sellers and traders were no longer willing to collect old naira notes.
She said she hardly had received new notes from her customers, adding that those changing money at the parties had the new notes, and many people who have it were hoarding It.
Mr Mayowa Olayinka, a salesman, said he had visited many ATMs during the week but couldn’t withdraw money because many people in dire need of cash were already in queues for hours.
“I would have even been happy if I get a certain amount, but no, I depend on POS operators to earn cash.
“Even petty traders are starting to reject old notes, but where are the new notes? Only God knows,” Olayinka said.
He noted that most people were being forced to do transfers, “but there were petty things you cannot do the transfer on like having a vulcaniser gauge on your tyre which cost about N200, and then the charges on each transfer were too much in the long run.”
Mrs Olubisi Adegoke a food vendor said many customers do transfers, but often it is impossible to ascertain if she was credited.
“I am just hoping I am not running at a loss already,” she said.
Mr Isaiah Ola said he was in the bank to withdraw N100,000 over the counter but was only told he would be given N20,000.
“I waited for so long before I could get the N20,000 out of the N100,000 that I needed,” Ola said.
He observed that POS operators made significant profits by taking advantage of the current circumstances.
“On every N5000 you collect from POS, you pay N500, and if it is N10,000, you will be N1,000.
“You will pay the charges multiple times if you approach them for a larger sum. Ola stated, “They also admitted that they endured hardships to obtain the new notes.”
Mr Tunji Adepeju, a financial expert,, said the scarcity of the new notes was created by ‘ourselves’, “how come money changers at parties have these new notes and those who stayed at Iwo Road interchange hold out new notes but are not in the hands of ordinary Nigerians?
We are the ones creating these problems as the CBN has done its best to make the money available to every federation state.
“About N250 billion new notes were printed to control the money in circulation, and it also promotes a cashless policy.”
