Naira scarcity: CBN begins allocation of more cash to banks

Some bank staff confirmed to our correspondent that they got enough cash from the CBN to meet customers’ demands.

It was learnt that the old denominations were released late afternoon and early evening.

Bank sources said with the quantity of cash they had yesterday, customers can now withdraw as much as N100,000 for individuals and N500,000 for corporate bodies over the counter from today.

Disbursements from Automated Teller Machines (ATMs), however, remain uncertain.

It was unclear whether banks outside Abuja also now have enough cash.

 Also yesterday, the House of Representatives asked the CBN to direct banks to immediately overhaul their online/electronic banking platforms for efficiency.

Adopting a motion at plenary, the House expressed concern about the difficulties in carrying our banking operations.

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A lawmaker, Sergius Ose Ogun, said many Nigerians have lost money to the inefficiency of the online/internet banking platforms.

He said Section 2 of the CBN Act saddles it with the duty of promoting a sound financial system in Nigeria.

Ogun said: “In the wake of the recent naira redesign and cash withdrawal limit policy of the CBN, there has been an increase in the use of online and electronic banking services to carry out monetary transactions across the country.

“The use of online or internet banking services by Nigerians in the past three months or thereabouts has been characterised by varying degrees of hitches ranging from unsuccessful electronic bank transfers, Point of Sale (POS) service failure and a host of others.

“The ineffectiveness or difficulty in using internet banking services across the online banking platforms of most banks has brought untold hardship, suffering and difficulties on Nigerians in the past three months.

“If nothing is done by the CBN and the banks to address these difficulties or ineffectiveness, Nigerians will continue to suffer untold hardships and loss of monies to unsuccessful electronic bank transactions.”