Despite the directive by the Central Bank of Nigeria, CBN to Deposit Money Banks to ensure seamless cash availability, during the yuletide, for customers at their branches and ATMs, most Automated Teller Machines in Benin Metropolis did not dispense cash during the Christmas celebration.
Our correspondent visited some Automated Teller Machines and the usual crowd that throng the ATM galleries of commercial banks whenever the Machines are dispensing, were not there.
The massive transactions that took place across markets on the eve and morning of Christmas day, meant that cash will not be deposited at the banks due to the public holidays.
Some POS operators said they had to source cash for their businesses from traders at a fee, contrary to what was obtainable in the past where the traders bring their cash to them for deposit.
Due to the high demand of cash as a result of the festivities, some POS operators jacked up their service charge to as much as three hundred naira for a five thousand naira withdrawal.
The Central Bank of Nigeria had on December 1 in a circular posted on its verified X handle, directed Deposit Money Banks to ensure seamless cash availability for customers at their branches and ATMs.
The directive aims to improve currency circulation and prevent a cash shortage especially during the yuletide.
