Nigerian customers continue to face challenges in accessing cash, leading to increased reliance on high-cost PoS services.
Despite the Central Bank of Nigeria’s (CBN) assurance of sufficient currency stock, reports suggest that many Nigerians struggle to obtain cash from banks, contributing to a prolonged cash scarcity.
The CBN had reassured the public in November 2023 about an ample stock of currency in the banking system and warned against panic withdrawals. However, some bank customers share their experiences of avoiding bank visits and Automated Teller Machines (ATMs) due to reported emptiness.
Point of Sale (PoS) operators highlight the growing demand, with long queues at ATM stands, primarily occupied by PoS operators. Some operators mention the need to visit multiple ATMs to obtain substantial amounts, supplemented by funds from traders, reflecting the ongoing challenges faced by customers in securing sufficient cash.
Source: Business Day