A severe cash shortage in banks has intensified economic hardships for Nigerians, with withdrawal limits ranging from N5,000 to N10,000 for over-the-counter (OTC) and ATM transactions.
The House of Representatives has urged the Central Bank of Nigeria (CBN) to resolve the crisis, which has disrupted economic activities. Banks blame the issue on reduced cash supply from the CBN and declining customer deposits.
Visits to banks revealed long ATM queues, non-functional machines, and limited OTC cash. Customers expressed frustration over withdrawal limits and high Point of Sale (POS) charges. A bank official confirmed that many customers now prefer giving cash to POS operators rather than making deposits.
The ongoing shortage has raised concerns over its impact on businesses and households, prompting calls for swift action.
