Banks pay PoS agents N100,000 cash as liquidity improves 

Many of the commercial banks, which sustained cash payment across the counter and on Automated Teller Machines (ATMs) however paid N20,000 across the counter to other customers operating personal accounts and N10,000 through the ATMs.

Managing Director, Countryside Communication, FirstMonie Agent with FirstBank, Johnson Okalawan, said his branch manager called him to come to the branch and pick N100,000 cash for customers.

“For the first time in many months, my branch manager with FirstBank called me to come and pick N100,000 as a FirstMonie Agent. It was a huge relive for us,” he said.

In many of the banks ATMs, customers queued and were paid between N10,000.

The increase in cash liquidity is positively impacting on many retail businesses now recording improves sales.

Industry source said the CBN pumped in more cash through the banks and the long queues in banks’ branches and will continue to do so until complete normalcy is restored.

Some of the banks were paying N20,000 across the counter, and N10,000 through Automated Teller Machine (ATM) points.

“I am happy on the improved cash liquidity.  I was able to make a cash withdrawal of N10,000 across the counter, and  N10,000 from the ATM,” Sunday Adigun, a customer with Fidelity Bank Ibeju-Lekki branch, said.

Many other bank customers were also able to make cash withdrawals across the counter, and also through ATMs.

The cash crunch followed two key programmes-the cash limit and naira redesign- being implemented by the CBN under its currency reforms programme.

The improved cash liquidity followed CBN’s confirmation of  banknotes’ evacuation from its vaults to commercial banks across the country as part of a coordinated effort to ease the circulation of banknotes of various denominations.

The CBN has also directed all commercial banks to open for operation on Saturdays and Sundays.

The Acting Director, Corporate Communications Department of the CBN, Dr. Isa AbdulMumin,dislcosed earlier that a substantial amount of money, in various denominations, had been received by the commercial banks for onward circulation to their respective customers.

According to him, the CBN had directed all banks to load their Automated Teller Machines (ATMs) as well as conduct physical operations in the banking halls through the weekends.

“Branches of commercial banks will operate on Saturdays and Sundays to attend to customers’ cash needs,” he noted, adding that the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, would personally lead teams to monitor the level of compliance by the banks in various locations across the country.