Customers lament as banks limit ATMs cash withdrawal to N20,000
By Olumide David
Investigation by Nigerian NewsDirect has revealed that banks have limited Automated Teller Machines (ATMs) cash withdrawal to N20,000. This is even as customers lamented over the limit.
Findings show that Fidelity bank along Ota, Joju road was observed to be paying N10,000 twice to its customers for withdrawal, while other bank customers are just to withdraw N10,000 from the ATM.
According to Newsdirect survey, most banks are currently paying between N20,000 and N50,000 over-the-counter.
Customers had on Tuesday thronged banking halls and ATM galleries to get cash despite the banks working throughout the weekend.
Further visits by our correspondents to several bank branches in Lagos, Abuja, Delta and other cities revealed that customers in their numbers converged on bank premises to withdraw cash.
At the Federal Capital Territory, Abuja, bank customers were able to access cash with less stress.
A visit to various bank branches revealed that the queues at banking halls and ATM galleries had reduced.
The banks include Zenith Bank, Keystone Bank, Eco Bank and Access Bank located in Area One and Central Area.
The Access Bank branch at Garki dispensed a maximum of N20,000 via its ATM.
At Ecobank located in the same area, its busy cashier paid N50,000 to its customers while non-account holders were allowed to withdraw N10,000 at its ATM stand.
While Zenith Bank customers were allowed to withdraw as high as N500,000 over the counter.
Visits to several bank branches in Lagos, Abuja, Ogun State and other cities revealed that customers in their numbers converged on bank premises to withdraw cash.
However, Keystone Bank claimed not to have cash for disbursement due to low allocation from the apex bank.
A trader, who simply identified as Tope applauded the availability of the naira notes, saying that the development has positively affected her business as customers now bring cash, “as there is a huge difference unlike when we do go as early to queue and still not get the cash,” she stated.
She further said, “I am very happy about the availability of cash. My customers are now paying with cash and I don’t have to wait for transfers or POS before I can conduct any transaction.”
While in Lagos State, at the Access Bank and Union Bank branches in the Sabo Yaba area of the state, customers were able to access cash via their Automated Teller Machines.
In the Ikeja area of the state, banks were also dispensing cash in side with the old naira notes.
However, a few customers who could gain access to a Fidelity Bank in the area were able to leave with a mixture of both old and new banknotes.
The branch of Union Bank Plc located at Mazamaza, Lagos, allowed customers into its banking hall in batches. The ATMs were however not dispensing. The branches of First Bank of Nigeria Limited, Access Bank Plc at Mazamaza did not grant customers access their ATMs.
At Oshodi Express, bank branches of Access and Fidelity released cash inside their banking halls and via ATMs.
At the Ecobank branch at Ketu bus stop, Lagos, bank customers had access to N30,000 each in over-the-counter withdrawals.
As at the time of visit from our correspondent, it was observed there were crowds of customers at the Guaranty Trust Bank branch inside the Redemption Camp. Some customers struggled to withdraw cash from the bank’s ATMs.
The Premium Trust Bank had a minimal crowd as the long queue was well organised, and coordinated and some security operatives who also came for cash withdrawals and to prevent breakdown, were seen at the scene to make everyone organised.
Meanwhile, Unity Bank ATM dispensed cash to account holders only. Customers of other banks were unable to withdraw from the ATM.
Similarly, Customers thronged banks in the Isolo and Airport Road area of Lagos on Monday. The majority of the banks were also disbursing cash, especially through their ATMs to customers.
The Access Bank branch in the Ire Akari area of Isolo, Lagos, was fully in operation despite the crowd of customers who wanted to carry out different banking transactions. Customers were able to withdraw and deposit cash while the ATMs dispensed cash with a limit of N10,000.
At the Ecobank branch located at the Isolo bus stop, Lagos, a limited number of customers were allowed to go into the banking hall. Its ATMs were only paying N3,000. Some customers who had more than one debit card were, however, able to withdraw more cash.
The First Bank branch located along Okota Road was fully operational with a large crowd.
The FCMB branch along Isolo Way, was seen in operation as of the time of visit.Customers joined queues to enter the bank for transactions. The lender’s ATMs also dispensed with a limit of N10,000.
A customer who introduced herself as Peace said, “I wanted to make a withdrawal of N30,000 but the ATM could not dispense more than N10,000. I will manage this and make another withdrawal tomorrow till everything normalised.”
Recall that the Central Bank of Nigeria (CBN) had on Friday directed commercial banks to open for operations on Saturday and Sunday, as part of a coordinated effort to ease the circulation of old and new banknotes.
Days after the CBN in his statement released said it had release billions of old naira notes to DMBs.
The Central Bank on Thursday finally obeyed the Supreme Court on the legal status of the old naira notes after months of controversy that trailed the naira redesign policy.
