Cash Crunch: Bank Reduces Dispensing Of Cash, Mass Protest Due To Shortage Of Cash
Cash Crunch: Bank Reduces Dispensing Of Cash, Mass Protest Due To Shortage Of Cash
The Nigeria Labour Congress express concerns over the lingering cash scarcity in the country.
For the remain Five days to the Christmas Day celebration, the congress said in a statement by its National President, Joe Ajaero, that the situation had serious implications for citizens, insisting that urgent steps must be taken to address it.
Bank customers have been groaning over their inability to access cash to meet daily needs, despite assurances from the Central Bank of Nigeria.
The banks have continued to ration cash over-the-counter, while many ATMS are not dispensing cash.
Some ATMs visited in Abuja, including GTBank, First Bank, Zenith, and United Bank of Africa were not dispensing cash.
At GTbank located along Airport Road, customers were complaining about the low amount given to them.
But bank officials said the amount given was to meet the demand of all customers.
However, NLC in the statement warned the Federal Government and the Central Bank of Nigeria that a mass public protest was imminent if nothing was done to address the naira shortage.
there is no discernible reason by the Central Bank of Nigeria, neither any explanation from the government on why Nigerians should be subjected to this level of suffering once again in 2023.
The NLC leader said if the CBN was saying that those with ill-gotten wealth were stashing cash in their houses to avoid detection, it became a heavy indictment on the government’s anti-corruption agenda.
“Nigerians are spending more time in the banks, trying to source for cash not for monies that are not in their accounts, but for their own money.
It is shameful that Nigerians would have to spend a lot of money to gain access to their hard-earned income. We are creating another avenue for economic rentiers such as the PoS operators and their collaborators in the banks to fleece Nigerians.
Subjecting us again to spend our meagre salaries buying our money automatically devalues our income.”
The NLC noted that the POS operators were charging round N400 to access N10,000, which was about four per cent reduction in the value of the income of poor Nigerians who hardly made use of electronic platforms to perform their transactions.
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