You are here
Home > News > Cash crunch hardship persists with scarcity of bank notes in Kaduna

Cash crunch hardship persists with scarcity of bank notes in Kaduna

by Achadu Gabriel, Kaduna

Hardships occasioned by new naira notes policy implantation has continued unabated in Kaduna, even after the return of all old naira notes denominations as legal tender into circulation.

Customers’ long queues experienced in commercial banks in Kaduna State in the past has persisted and refused to fizzle out, even after the general elections are over.

In some cases, the situation has even worsened more so due to naira markets racketeering, as N5,000 now goes for between N500 to N1,000 (commission) in POS cash withdraw, bringing more hardships on less-privileged people in the society.

Our correspondent, who went round the state, reported that Central Bank only released N2 million to each commercial banks.

From Guarantee Trust Bank (GTBank), Keystone, Zenith Bank and to many other banks with branches located at Kano Road, Kaduna main town, the story is the same – with high customers population at ATMs.

The situation is almost deteriorated with the huge number of customers cropping around ATMs of the above listed banks, sympathetically waiting and looking for cash to withdraw, for hours vain.

At about 12:30 -1pm on Thursday, money had already been reportedly ‘exhausted’ from some banks, both in ATM machines and on the counter in the banking halls, according to banks’ cashiers contacted.

But when redirected to one of the GTBanks’ senior manager, who gave his name as Mr. Lanre, the man expressed dismay but that bank has been dispensing money since morning at the counter and ATM.

When confirmed, the manager said, “If cash has finished, it means cash has finished, because Central Bank only gave us N2 million.”

Additionally, commercial bank customers are also facing severe hardships with many of them spending 2 to 3 hours inside bank customer care services due to other multiple transaction challenges, ranging from un-remitted money transferred between customers and banks, among others.

Share from Conscience Triumph

Leave a Reply