Calabar Faces Cash Scarcity: Banks Set ₦5000 Withdrawal Limit
Calabar is facing a renewed cash scarcity, with several banks limiting over-the-counter withdrawals to ₦5000. ATMs are mostly non-functional, and only a couple of banks in the city are allowing withdrawals up to ₦60000 for their customers. Point of Sale (POS) agents are also charging fees ranging from ₦200 to ₦600 for withdrawals due to the prevailing cash shortage. Many agents expressed frustration over spending up to ₦3000 on transportation to locate paying banks and ATMs.
They explained that the fee hike is necessary to offset the costs incurred in obtaining cash from various banks and ATMs. They bemoaned the fact that many banks have ceased loading cash in their ATMs, limiting the agents to obtaining a restricted amount from the banks they are affiliated with.
A POS agent named Chris, stationed at the bustling Effio-Ette junction, voiced his concerns, stating, "What do you expect us to do when we can't even withdraw up to ₦200,000 from four banks in a day? We spend a significant amount on transportation searching for banks that are dispensing cash. EcoBank has no cash, First Bank has not paid from the ATM for over a week, and only FCMB allows withdrawals of ₦10,000 at the counter. If you don't want to pay ₦200 for ₦5000 or ₦400 for ₦10000, please go, the cash will not spoil."
Ene-Ita shared his struggle, revealing that he had to shut down his POS business due to the inability to access cash from banks and ATMs. He expressed disappointment, stating, "I closed down the business until things return to normal because I promised myself that I won't buy money. It started like a joke three weeks ago, and little did I know that I would be facing the same thing I faced last year."
Mrs. Eme Okon recounted her experience, saying, "Can you imagine, I filled a teller to withdraw ₦30,000, and the lady at the counter told me, 'Madam, I don't have this kind of money to give you. I have only ₦5000, which is our limit.' When I asked her why, she couldn't give me an answer. What happened early this year is repeating itself again. Emefiele is in prison as we speak because he became the scapegoat. Who are they going to arrest and imprison this time around?" She wondered.
The recurrence of cash scarcity in Calabar echoes a situation that unfolded ten months earlier when the Central Bank of Nigeria (CBN) revamped the naira, triggering widespread panic withdrawals across the nation. This unfortunate experience resulted in significant hardships for Nigerians who were deprived of access to their funds.
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