Naira notes: Businesses gradually bouncing back as more customers access cash in banks

By Chinwendu Obienyi

Businesses across the country appear to be returning back to life after weeks of inactivity arising from federal government’s policy induced cash shortages from the redesigned naira. As at yesterday there were increased patronage in banks due to customers’ accessibility to cash.

Already, the cash crunch had affected the purchasing power of many Nigerians who can no longer easily pay for essential goods and services.

To douse the tension, the Central Bank of Nigeria(CBN), as part of a coordinated effort to improve circulation of old and new bank notes, directed commercial banks to open for business at the weekend.This came after the apex bank finally complied with the Supreme Court’s ruling on the legal status of the old naira notes after scarcity had led to complaints from Nigerians and Nigerian Governors.

After stating that it will continue to re-assess the volume of cash in circulation, the CBN further said the cash situation will improve gradually by the end of the week. True to their words, cash-strapped Nigerians who visited some banks on Monday heaved a sigh of relief as the banks, on resumption, continued to dispense cash to customers over the counter and via their various Automated Teller Machines (ATMs). 

Also, many small businesses that were most affected have begun to experience improvement in patronage since the CBN ordered recirculation of old notes.

Furthermore, while the queues are steadily decreasing in areas like Lekki Phase 1, Ajah and Victoria Island, customers around Abule-Ado, Jakande Gate, Ikotun and Ogba were reportedly struggling to get cash as customers complained that the cash ration was not enough.

A bank customer who simply gave his name as Sylvester, said, “Although I did not get here on time, I still managed to wait under this hot sun only to get N5,000 when the CBN had said banks should be paying more than that over the counter”.

Another bank customer, Temitayo Oladele, said, “My friend said they paid her over N30,000 over the counter at Lekki on Sunday, but when I got here (Jakande), the bank teller only paid N10,000, stating that if I wanted more, I should come back tomorrow. If that is the case, then it means I will have to start spending my cash judiciously because I do not want what happened to me before to happen again.

It was learnt that some of the customers in some areas have into strong relationship with bank staff who often alert them whenever ATMs are loaded with cash. In some cases, these customers have reserved numbers waiting for them.

Daily Sun investigations revealed that PoS charges per transaction dropped significantly as N10,000 now goes for N1,000 while to withdraw N5,000, it cost N500.Jude Akpan, a PoS operator, who spoke to Daily Sun, said, “I still feel like I am making a loss compared to how much i made last month but because the cash is available and some customers who used to come here stopped coming, I had to reduce my charges”.