Nigerians are grappling with reported unavailability of cash at the Automated Teller Machines,ATM installed in various commercial banks.
The situation compels many to resort to the services of POS operators who are seen to have been making brisk business as a result.
A Business Day report of July 3 this year, observed “unusual pattern of cash dispensation” in the banks.”
The report further observed, “The Nigerian banking sector is facing a crisis of trust and transparency due to an unusual pattern of cash dispensation. There is a growing trend in the complex web of issues surrounding the scarcity of cash at banks’ Automated Teller Machines (ATMs) and banking hall tellers, juxtaposed with street vendors offering cash at a premium through Point of Sale (POS) machines…”
It appears that the cash scarcity occasioned by the Naira redesign policy of the then President Muhammadu Buhari administration which had Godwin Emefiele as the Apex bank governor, may not have been completely over.
The report equally noted, “Since the Buhari-Emefiele Central Bank of Nigeria Naira redesign sometime in 2023, leading to scarcity of the domestic currency, the Naira, a new and unethical trend of the proliferation of POS has emerged, leaving cash-trapped bank customers with no other choice than to patronize these streets cash vendors and hawkers.”
The situation has not changed.
In fact, Nigerians are having to part with reasonable chunk of their deposits just to withdraw money from their bank accounts.
The sad development has made it crucial to investigate the allegations of possibility of collusion between top bank officials and these street cash hawkers, leading to extortion of citizens and economic sabotage.
The situation demands a thorough investigation into activities of top management officials of Commercial banks including those of the Central Bank of Nigeria in order to unravel those responsible for the problem.
We urge the Tinubu led administration to tackle this seeming rot in the banking system as the unwholesome practice tends to erode confidence, and put a serious dent on the financial system in Nigeria. It is not only damaging to the economy, but also worsens the severe economic hardship currently starring Nigerians in the face.
Cash scarcity at traditional banking channels, such as ATMs and tellers, while
Point Of Sale,POS-wielding street vendors offer cash at exorbitant prices, is nothing short of great disservice to Nigerians.