Kunle Adelabu & Odede Efezino Kenneth
Residents of Ikorodu are still facing difficulties in getting their money in various banks to transact business and for personal daily use, as the naira scarcity continues to bite harder across the country.
Many residents have been lamenting their error of depositing their old naira notes in the bank to beat the deadline set by the Central Bank of Nigeria (CBN), for their expiry, as their expectation to get the new ones has been dashed by the ongoing scarcity which has virtually put the economy on hold.
While it is so difficult gaining access into some banks, other banks restricted the amount customers and none customers can get.
Following the public outcry that greeted the scarcity of the new naira notes, the CBN governor, Mr Godwin Emefiele, last week, announced the extension of the deadline for the legal tender status of the old N200, N500 and N1000 notes from 31 January to 10 February.
He also directed banks to receive the old bank notes even after the deadline. Unfortunately, the old notes are yet to be in circulation, while people’s purchasing power has been reduced and in some cases, total cut-off.
THE IMPACT went to town on Monday and Tuesday to see how residents are faring with the scarcity of the naira notes.
At the First City Monument Bank, Ikorodu, it was ‘madness’ at the gate of the bank on Monday, as customers besieged the bank to withdraw money. The queue was so serious that customers almost climbed on one another as the bank found it difficult to manage the surge.
At the ATM point of the United Bank for Africa (UBA) located beside the Igbogbo/Bayeku Local Council Development Area (LCDA), customers complained that the bank is restricting them to collecting N5000, while none customers are only allowed to withdraw N3000.
They described the situation as difficult.
The situation at the Sterling bank branch in lgbogbo, was quite different as the bank was not dispensing cash at all.
One Mr Habibulahi, speaking with THE IMPACT at the UBA ATM gallery in lgbogbo, said that it was a difficult situation getting money.
“It is truly difficult because I have been here (ATM gallery) since past 10am, and I am just coming out now, and probably this is 2pm. It is hectic, besides that, the amount that we are allowed to collect is really small”, he complained.
“We are only allowed to withdraw five thousand naira. That is what the bank set for us. They have their agent standing there to input the amount. By that, we are effectively prevented from pressing the amount that we wanted”, he further complained.
Another resident, Mr Odeyemi Taiwo, who said that he had stayed long at the UBA ATM gallery in Igbogbo, said that residents that are not customers are only being allowed to withdraw N3000.
“The way we are collecting money here is a bit difficult. They have a problem here; if you are not a customer of the bank (UBA) and you want to collect money, you will only be allowed to withdraw N3000, while those using the bank are entitled to collect N5000”, he said.
“The stress we are going through in this place is that, they do not have much to put in their ATM, and we that are standing sometimes do not usually get cash”, he added.
When our reporter got to the Sterling bank unit in Igbogbo, the bank was not dispensing cash at all.
Residents were seen seated at the multiple ATM gallery of the bank, probably expecting cash to be loaded. When contacted, some of the residents asked our reporter to buy them food before they could speak with him.
Unfortunately, our reporter, too, has been on ‘forced’ cashless policy for days and has been unable to do transfer online.
Most of the POS agents in Ikorodu and Igbogbo, also complained of lack of cash as many of them approached for withdrawal told our reporter that they did not have cash.
A few of them with cash charged N500 to withdraw N5000, instead of N100, charged prior to the scarcity of the naira notes.
POS operators that spoke with our reporter in Ikorodu and Igbogbo complained of high rate at which they bought naira and the difficulties that they encountered before getting as reasons for the high rate they too charged.
Most markets in lkorodu are also very scanting as many traders and buyers stayed away due to the scarcity of naira notes and the difficulties being faced to get cash from various banks.
Major markets in Ikorodu: Allison, Sabo, Ikorodu garage, and other markets have been hugely affected as trading activities have been paralysed due to the cash problem, which has grounded the purchasing power of residents.
Mr Oke Godwin Ogo –Oluwa, An Economist and Secretary, Ikorodu Economic Council, speaking with THE IMPACT on the CBN policy, said that it would be in the interest of the national economy if well implemented.
However, he lamented how some citizens are taking advantage of the situation to further inflict hardship on the people.
“The CBN currency redesign policy is good on paper. In my opinion, the policy, if well implemented, will have far-reaching effect on Nigeria’s economy”, he said”.
“Since the commencement of the policy, I have been deliberately low on cash transactions”.
Narrating his experience at getting fuel and the high rate POS are charging for withdrawal, Oke called for investigation into filling stations and POS operators’ activities.
“However, I was forced to buy cash to buy fuel this evening. I was charged 100-naira commission per 1,000. This means l am buying cash at 10% premium rate. This is ridiculous. I had to get the cash because filling stations are refusing to accept bank transfers. I visited about three filling station within Ebute axis, Ikorodu and it was same story”, he lamented.
“It seems there is a racket between fuel attendants and POS agents in Ikorodu. If not, how can all filling stations claim to have bank network issues at the same time? These fuel attendants are taking advantage of the scarcity situation to feed their pockets. They know customers will have no choice thann to get cash from the nearest POS terminal where they go behind to collect commission.
“I implore the security agencies to investigate all filling stations within Ikorodu division to fish out the perpetrators of this evil act”, he charged.
