Lagos Faces Cash Woes as ATMs Run Dry Ahead of Festive Season

Lagos residents are grappling with frustration as they find themselves unable to make cash withdrawals for transactions, pointing fingers at banks for their apparent reluctance to adequately load Automated Teller Machines (ATMs).

Despite the approaching Yuletide season, traditionally marked by heightened spending, Legit.ng’s investigation has revealed that several commercial banks in the state have imposed restrictions on customers’ withdrawal limits.

Numerous customers have voiced their dissatisfaction, citing inadequate cash availability in many banks across Lagos.

This issue is not unique to Lagos, including Ekiti, Gombe, Edo, and Sokoto, experienced a resurgence of cash scarcity, contradicting assurances from the Central Bank of Nigeria (CBN) about sufficient cash in its vaults.

The shortage has led to banks rationing cash to customers, resulting in widespread discontent.

Over the weekend, the problem escalated as many ATMs were either non-functional or limited the amount customers could withdraw due to banks failing to replenish them with money.

The reasons behind the cash shortage remain unclear, despite the recent Supreme Court ruling affirming the legal tender status of both old and newly redesigned naira notes.

Customers are puzzled by the disconnect between the anticipated increase in cash circulation during the holiday season and the prevailing scarcity.

Some affected customers disclosed that bank officials advised them to explore alternative channels to complete pending transactions, further compounding the inconvenience faced by Lagos residents in the midst of the festive season.