Cash scarcity hits Taraba – Newspot

Contrary to the reassurances from the Central Bank of Nigeria, a cash scarcity has hit Taraba State.

Both old and redesigned naira banknotes, at the time of filing this report, were in short supply in the state.

Point of Sale (PoS) operators are taking advantage of the shortage by imposing charges ranging from N150 to N200 on every N10,000 withdrawal.

This development has stirred dissatisfaction among customers seeking to access their funds.

Banks throughout the state are also rationing cash supplies, eliciting discontent from customers.

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The rationing is hindering withdrawal plans, potentially impacting festivities as the Yuletide season approaches.

The scarcity extends to Automated Teller Machines (ATMs) across the state, exacerbating difficulties for those relying on electronic transactions.

Customers express frustration at being denied the freedom to withdraw their desired amounts.

Persons across the state who spoke with Newspot lamented that their plans to withdraw reasonable amounts have been thwarted due to restrictions imposed by their banks. Such limitations, they argued, could adversely affect their businesses.

Further compounding the issue, PoS operators allegedly exploit customers with inflated charges. John Obong reported paying N600 in fees for N40,000 withdrawal, a significant increase from the usual N400 charge.

PoS operators, attributing panic withdrawals to increased charges, claim that accessing money from financial institutions has become cumbersome, requiring backdoor channels.

Bank staff, revealing internal directives, shared that restrictions on issuing amounts above N20,000 were handed down by management.

Additionally, some ATMs remain cashless due to a shortage of funds even at the bank counters.