As Cash Crunch Experience lingers in Nigeria

As Cash Crunch Experience lingers in Nigeria



The cash crunch experience across the country has continued unabated, the sight of crowded commercial Banks’ premises and ATM points from early morning till late at night has now become a norm as Nigerians wait long hours to access cash and most times do not succeed.

By close of work on Friday, most Bank customers were unable to withdraw their desired amount of money despite besieging the various Commercial Banks’ premises as early as 6am. They were told they could only withdraw a maximum amount of 20, 000 naira at a time.
It was also observed that some banks were open to customers who wanted to deposit cash even after the official closing hour on Friday.
Some bank customers who have been frustrated by this development have said the situation will affect their celebration of the Christmas and the New Year.
Meanwhile; No official explanation has been given by any commercial bank or the Central Bank of Nigeria for the ugly situation which has been on for three weeks.
However, the situation seems to have improved the cashless policy which the Apex Bank has been trying to push for.
The question, “You get POS” and “ I fit Transfer pay you” is now the order of the day.
So businesses that are yet to acquire the POS machine are now considering it as most customers are no longer willing to pay cash.
So what has been your Cash Crunch Experience and how will it affect your Christmas and the New Year celebrations?

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