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Naira Notes: Queues gradually decrease as bank ATMs dispense cash



Naira Notes, CBN interest rate

Long queues at commercial banks in Lagos have suddenly evaporated following the injection of extra bank notes by the Central Bank of Nigeria (CBN) into commercial banks, the media claims.

The apex bank had on Thursday verified the evacuation of bank notes from its vaults to commercial banks throughout the country as part of a concerted move to facilitate the circulation of the banknotes of varied denominations.

The apex bank also instructed all commercial banks to open for business on Saturdays and Sundays.

The apex bank noted that a large quantity of money, in various denominations, has been received by the commercial banks for onward circulation to their respective consumers.


Meanwhile, a journalist who observed some of the banks in the city to ensure compliance, said that the long waits were considerably shortened, not all bank ATMs were dispensed and banks only paid clients who are account holders in their banks.

The banks visited along Ajao Estate Road in Oshodi –Isolo and Alimosho local government districts include Guarantee TrustHolding Company (GTCO), Keystone Bank, First City Monument Bank, Zenith Bank, Firstbank, United Bank for Africa, Globus bank, Polaris Bank and Union Bank.

Media also says that banks who paid their clients have restrictions on what they pay, which varies from N5,000, N10,000 to N20,000.

Some banks gave N10,000 to their clients, N5,000 to non-customers and others solely to bank customers.

An official at one of the banks which pay N20,000 to its clients told journalists that for a customer to be paid the money, the individual must put his or her BVN down with a thumbprint to guarantee that they do not withdraw beyond the stated limit.


Mr Ayotunde Dayo, a transporter, who expressed satisfaction that the enormous waits were gone, encouraged the apex bank to effectively supply banks with enough Naira Notes that could circulate around for everyone to access.

“This rationing of cash that banks are doing is not the best, when I heard that CBN had asked banks to begin to pay customers cash even on weekends, I was happy because the suffering of the people would reduce.

“But from the look of things, the sufferings will still continue because many banks only pay to their customers, if you are a non-customer, nothing for you.

“I use GTB but because I heard Zenith was paying I had to stop over to withdraw, but on getting here, I am told that I have no business being here because they only pay to their customers and it’s N5,000. This is not good,’’ he added.


Mrs Paulina Ikechukwu, a Secondary School Teacher, asked the apex bank to guarantee adequate cash was shifted to commercial banks and accessible by everyone.

“The banks need to be faster because the masses are dying of hunger since the naira notes redesign came on board.

“The CBN should monitor the banks and ensure they comply; the typical Nigerian banks that I know would start well now and do something else in the coming days,’’ she said.

Mrs Balogun Shokunbi, a minor trader at Ajao Estate Market, however, blamed the lack of cash on Point of Sale (POS) operators, alleging they connived with bank officials and security men to empty cash from Automated Teller Machines (ATMs).


She requested the apex bank to watch them and ensure they did not travel to the banks at the night to empty the cash in the ATMs.

“I sell in the market and I have friends who render POS services and they have told me how they get the money they use for their business.

“ One of them was even boasting of the money that she has made since the redesigned notes policy came up. I pray CBN will continue to pour in money to the banks so that we can all go back to our regular lives,’’ she added.

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