As the holiday season approaches, Nigerians are grappling with an acute shortage of physical cash, leaving citizens stranded and disrupting travel plans nationwide.
The scarcity has hit hard, impacting ATMs, banking halls, and transportation hubs, creating chaos for shoppers and travellers just days before Christmas.
One of the stranded passengers, Elijah Ajibola, told Punch, “Most of the passengers who boarded the train this morning had booked their tickets since Wednesday. I was not aware that there was an online portal where I had to register first until I got here this morning.
“I have been here since 6.47am and I witnessed the crowd here due to the free ride offered. I will say the number of passengers is unprecedented since I have been boarding the train to Ibadan.
“There were times I would get here by 7am yet I would still find a space on the train. Now, I have to wait till 4pm when the next train will depart.”
Another passenger at the station, Sunday Obatolu, complained, “Many of us here could not book our tickets, and that is why you find some of us stranded here. I hope the situation will be resolved, but we need to do these things right and be strategic about it.”
Desperate for cash, citizens faced challenges withdrawing money as ATM galleries ran dry or imposed stringent withdrawal limits ranging from N5,000 to N10,000.
Banking halls weren’t spared either, with long queues and frustrated customers encountering restrictions on cash withdrawals.
At Zenith Bank in Ojodu-Berger Lagos, the ATM gallery was empty, as there was no cash in any of the eight ATMs in the gallery.
Inside the banking hall, it was observed that more people clustered around the counter for bank transfers and cash withdrawals over the counter.
A teller said, “There is a limit to cash withdrawal for all customers and the maximum withdrawal is N5,000 per customer. This is to help make the limited cash available to go round.
“I can’t say why there is cash scarcity, but all I can say now is that there is limited cash at hand now, and customers are advised to make use of the electronic channels to pay bills and meet up with other needs this season.”
A similar situation was observed at First Bank and UBA branches in the Alausa area of the state as the ATM channels were not dispensing cash, while customers were limited to N5,000 over the counter.
At the UBA, Access Bank and First Bank branches in Ibafo, Ogun State, desperate customers struggled to withdraw N10,000 from the ATM galleries, while those who were allowed inside the banking halls by security guards could not withdraw more than N10,000.
The situation extended into marketplaces, where buyers battled inflated prices for essential goods. Traders reported difficulties due to the preference for cash transactions over electronic payments, exacerbating the situation amid the scarcity.
Despite the Central Bank of Nigeria attributing the crisis to collusion between Point of Sale (PoS) operators and banks, urging electronic payment methods, citizens continue to grapple with the immediate need for physical cash in their daily transactions.
Transportation hubs also faced challenges, with passengers experiencing uncertainties surrounding fare reductions announced by the government.
Inconsistencies persisted, with some operators hiking prices instead of adhering to the directives.
The scarcity has left many citizens disheartened and stranded, particularly housewives, traders, and buyers, facing inflated prices and cash-related hurdles merely 48 hours before Christmas.
