By Motolani Oseni and Temitope Adebayo
Following the Central Bank of Nigeria (CBN) directive to Deposit Money Banks (DMBs) operating in the country to open for business throughout the weekends in an effort to ease the cash scarcity, The Daily Times checks have shown that most of the banks Automated Teller Machines (ATMs) were dispensing to customers.
Although, not many banks branches opened as directed by the Apex bank, but our findings revealed that few banks opened for services on Saturday, while their ATMS dispensed cash on both days.
For instance, banks across Lagos, Ogun states and the Federal Capital Territory (FCT), began to dispense cash through their Automated Teller Machines (ATMs) over the weekends, as the Central Bank had disbursed cash to the banks from its vault to ease the cash crunch in the country.
In our fact findings, The Daily Times discovered that banks Wema Bank, Zenith and United Bank for Africa (UBA) in Dopemu area of Lagos on Saturday were all opened for operations.
Also, banks around Ikeja axis of the state also had their ATMs loaded, but dispensing a maximum of N20, 000 per customer.
The same was also observed in Agege, Alimosho and Abule Egba, Ijaiye axis of Lagos state. While banks along Oba-Akran way, in Ikeja, Ogba area, Fagba, Maryland, Ikorodu road, Victoria Island, among others, had their ATMs dispensing to customers, only few of them were, however, opened their banking hall.
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Our checks in Ogun state on Sunday, however, revealed a similar but an improved development as all the banks in Ota, Sango, Joju areas of Ogun State, including UBA, FCMB GTCO on Sunday had their ATMs paying cash and also opened their banking premises to receive and paid cash to customers, except for Ecobank who had its gate under lock and keys.
Similarly, banks in satellite towns of the Federal Capital Territory (FCT), on Saturday opened for business as directed by the Apex Bank.
Our correspondent who monitored the development observed that some banks in the Territory on Saturday and Sunday had huge crowds of customers at their ATM galleries.
Our checks, also, revealed that there has also, been transactions at Point of Sales (PoS) outlets but still charging N200 on a 1000 Naira withdrawal.
With this development, banks customers who spoke to our correspondent were confident that there would be a better improvement by today (Monday).
“With this development, I’m optimistic that things will begin to normalise as per banking and cash transactions by Monday”, he stated.
Another bank customer who spoke with the Daily Times noted: “At least, I saw three banks open Saturday and Sunday. Even ATM at UBA in my area dispensed cash.
“Even PoS operators have started dispensing cash at lower charges as N500 on N5000”, an Abuja bank customer said.
The banks that opened for operations along Nyanya-Mararaba road include First City Monument Bank (FCMB), United Bank for Africa (UBA), Zenith Bank, First Bank, Fidelity Bank, Ecobank, and Access Bank.
Checks showed that Guaranty Trust Bank, First Bank, and UBA, were most compliant as some of their branches were opened to customers. It was observed that at both banking halls and ATMs, the banks were dispensing N20,000 cash which were old notes.
The Central Bank of Nigeria (CBN) had earlier directed all commercial banks to open for operation on Saturdays and Sundays, as their operations would also be personally monitored by the CBN governor, Godwin Emefiele, to ascertain the level of compliance.
The apex bank had earlier disclosed that evacuation of banknotes from CBN vaults to commercial banks across the country was ongoing as part of a coordinated effort to ease the circulation of banknotes of various denominations.
The Acting director, Corporate Communications department of the CBN, Dr. Isa AbdulMumin, confirmed this on Friday, also confirmed that a substantial amount of money, in various denominations, had been received by the commercial banks for onward circulation to their respective customers.
“The CBN has 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 said.
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