Currency scarcity hits Imo, businesses in slow operation

• Banks disburse N50,000 limits to depositors • PoS operators increase charges

Currency Scarcity was observed in Imo State, yesterday, as depositors were allowed to withdraw only N50, 000 limits.
Consequently, Point of Sale (POS) operators reduced their disbursement rates to customers, increasing their charges from N100 per N5, 000 to N200.

The Guardian gleaned from commercial banks operating in Owerri, the state capital, that the Central Bank of Nigeria (CBN), with its office on Port Harcourt Road, Owerri, disbursed limited funds to banks without reasons.

Some traders in the city complained of slowed patronage, as customers slowed down in payment for goods purchased. Most traders, The Guardian gathered, did not accept electronic transfers.

Most customers, who visited their banks to transact normal businesses, were disappointed, as they were only authorised to withdraw a maximum of N50, 000.

Explaining his experience to The Guardian, a customer with GTBank lamented that he had requested to withdraw N200, 000, but was only advised to fill a form to withdraw N50, 000.

He said: “I was at the GTB to withdraw today, but I was only authorised to withdraw N50,000. It was not enough. When I enquired why it was so, the cashier simply said that the CBN disbursed a lesser amount to them, unlike before.  So, the only solution was to give customers according to what they had.