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Osun State: Residents Lament as cash shortage hits Commercial Banks. By John Dike

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Residents of Osun anguishing over shortage of cash at various commercial banks in the state.

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It was leant that many customers felt disappointed over their inability to withdraw up to their expectations from banks.

Customers of most of the banks have started experiencing what the bank officials tagged shortage of cash since last week.

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Investigations revealed that most of the customers visited their banks on Monday with the high expectations that the apex bank would have made cash available for commercial banks to give to their customers.

The maximum most customers can withdraw over the counter has reduced the N20,000.

At the Guarantee Trust Bank (GTB), Ogo-Oluwa, Osogbo over-the-counter cash withdrawals by customers did not exceed N20,000.

At Fidelity, FCMB, Zenith Banks, over-the-counter withdrawals by customers were reduced to N10,000.

It was only Jaiz Bank that pays maximum of N100,000 when our reporter  visited the banks

The development many considered as a way of making life more difficult for the people of the state.

A bank attendant who spoke unofficially inside the GTB banking hall when our Correspondent questioned her on the causes of reduction in the withdrawal limit said “there is shortage of cash”

He further said, “You’re even lucky that you came this time, had it been you entered a bit late, you wouldn’t have gotten any cash, see this is the remaining cash I have here with me”.

“Sir, don’t you know it usually happens this way when it’s almost end of the year?”, the bank attendant queried.

He said the Central Bank of Nigeria CBN did not announce that there is going to be shortage of cash and as such people has absolutely nothing to worry about .

Mrs Odu Adewale, a POS operator in Osogbo said she went to bank to withdraw money for her business but to her greatest surprise, one of the bank officials in Access bank PLC in Osogbo told her that she will only withdraw #10,000 either at both ATM or inside the Bank.

On her inquiry on why she could not withdraw her usual #100,000 she used to get from the bank, she was told that there was shortage of money for that day but not that there was cash scarcity

She explained that the excuse given by the bank official was genuine adding that she was unable to do her usual POS business due to inadequate Funds for her numerous customers.

“I was surprise when i got to bank last week Monday and was informed of the development. She however called on the government to quickly intervene on the issue as many Nigerians had suffered a lot .


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