Despite CBN directives, ATMs not dispensing cash in Cross River

Despite Central Bank directives to banks, ATM machines are not dispensing cash in Calabar.

When The Guardian visited some of the banks at about 11 a.m. on Monday morning, the ATM machines were not dispensing cash. Some customers were only able to withdraw a minimum of N10,000 or N5,000 at the counter, depending on the bank.

At First Bank along Marian Road at about noon, ATMs started dispensing money but stopped an hour later.

Customers were only allowed to withdraw N10,000 at the counter at First Bank, Sterling Bank, and Access Bank.

Some POS operators have resorted to buying cash from markets, filling stations, and even local exchange bureaux at Bogobiri (Hausa community) in Calabar.

POS operators have also started charging N150 for N5,000 and N300 for N10,000. Some are even charging N400 for N10,000.

Some of the operators who spoke with The Guardian said that the recent charges have nothing to do with the scarcity of money and that the CBN has started deducting N50 for every N10,000 transaction made.

They, however, lamented that getting money to run the business is becoming difficult, as some of them have to buy money from markets, supermarkets, filling stations, and even from malams who do money exchange.

A frustrated POS agent, Victor Edi, told our reporter that the situation forced him to open accounts in ten different banks just to get up to N100,000 to run his business daily.

“This situation is frustrating, and I don’t have any other means of livelihood than this POS business. Do you know that the situation forced me to open accounts with ten different banks? This is just to get small cash to run the business daily,” he said.

He said sometimes, he buys money from markets or filling stations to add to the little he gets from the bank.

Another POS agent at Etagbo Roundabout, Odenke Elvis, said he buys cash from the market to run his business since banks are paying only N5,000.

A businessman, who simply gave his name as Stanley, accused the government of deliberately creating hardship for Nigerians.

He wondered why the CBN would mandate banks to pay a maximum of N20,000 to customers.

He said, “They cannot tell me they don’t know what is happening. Our government doesn’t have the citizens’ interest at heart. They don’t care if we die or live. What will happen to those who need cash for medical issues? I came to the bank this morning, and I was only paid N10,000 at the counter. I need N300,000 to buy garri from the village woman who doesn’t have an account. The ATM is not even dispensing cash.”