Nigerians stranded as bank ATMs and POS stop dispensing cash

Nigerians are currently dealing with a cash shortage problem after bank ATMS and POS around major cities in the country stopped dispensing cash to customers due to a lack of new notes. This is according to findings by the Nairametrics team.

Visits to some tier-1 banks around Ikeja, Lagos State, indicated that there were no funds available in their Automated Teller Machines (ATMs), attributing it to a lack of new notes, following the directive of the CBN to only dispense new notes.

Recall that the Central Bank of Nigeria mandated commercial banks to stop loading old naira notes in their ATMs, insisting that the apex bank has enough new notes to meet public demand. However, findings across major banks suggest a contrary view.

Also, POS agents have complained of a lack of access to new notes, which according to them is causing a strain on their business. They also added that customers have refused to collect old naira notes from them.

POS agents who spoke to Nairametrics confirmed that they have not been able to access new naira notes from the ATMs and the banking hall.

A POS agent stated that her bank only had old naira notes, which she declined since her customers already refuse to collect the old notes from her.

With the 31st January 2023 deadline already around the corner, Nigerians are sceptical about accepting the old notes, following the insistence of the CBN to uphold the deadline.

What bankers are saying: Some bankers who spoke to Nairametrics on Thursday, confirmed that they do not have new notes in their banks, and to avoid loading old notes inside the ATM, had to empty the machines.

Another staff from a different bank also stated that they stopped dispensing cash from their ATMs in other to maintain the directive of the CBN while noting that they are short of new notes in their branch.

CBN insist on no shifting: The Central Bank governor, Godwin Emefiele during the MPC briefing reiterated that the bank will not be shifting the 31st January deadline, urging Nigerians to ensure they deposit their old notes before next week Tuesday.

• According to the CBN tracker displayed on its website, the old naira note will become obsolete in four days and 7 hours.

• Traders are currently refusing to accept the old notes, which has caused a dilemma for Nigerians who are involved in petty trading.