•Cash withdrawals via PoS surge •We’re working to address queues at ATM –CBN
By Chinwendu Obienyi
Amid the continued scarcity of new Naira notes and long queues at Automated Teller Machines (ATMs), investigations have revealed that several banks mobile apps suffered glitches in two consecutive days.
This was even as Point of Sales (PoS) operators continued to raise their charges on cash withdrawals by customers across the Lagos metropolis. Daily Sun gathered that many customers were left frustrated as their mobile bank apps failed during the working hours of Tuesday and Wednesday.
Henry Ugochukwu, a businessman on the Marina, Lagos Island lamented that the failure of his mobile app almost left him embarrassed.
“Honestly speaking, I was so embarrassed that day at an eatery, before I started eating, I used my ATM card to pay and the food seller told me that the transaction kept on declining. I felt it was just for few minutes only for me to try it again and it didn’t go through. I was without cash due to the naira scarcity and had to call a friend of mine at a nearby shop to rescue me. Even when I tried transferring money to them and also my friend, the bank app did not work”.
Bamidele Prince, a civil servant, described the development as “annoying “. “I could not use my mobile bank app to make transactions during the day, I basically had to wait till midnight around 2am to make that transaction. I am really tired because I just do not understand what is in Nigeria”.
Furthermore, the acute scarcity of the new notes continued to persist as long queues were seen around ATMs especially on the Lagos Island.
It was also tough getting money at Point of Sales (PoS) terminals as the vendors issued a mixture of old and new notes to customers at high fees ranging from N1000-N2000 per N10,000.
When Daily Sun correspondent tried to withdraw money (N20,000) from a PoS terminal, the cost of collecting that amount was N4,000.
Meanwhile, the Central Bank of Nigeria (CBN) has said it is working assiduously to address the challenge of queues at ATMs.
The CBN has also directed deposit money banks (DMBs) to commence the payment of the redesigned Naira notes over the counter, subject to a maximum daily payout limit of N20,000.
A statement from the apex bank said, “The CBN has observed, with grave concern, the activities of persons who sell the newly redesigned banknotes and those who flagrantly abuse the legal tender by hurling wads of Naira notes in the air and stamping on the currency at social functions. We have equally noticed the queues at Automated Teller Machines (ATMs) across the country and an upward trend in the cases of people stocking and aggregating the newly introduced banknotes they serially obtain from ATMs for reasons best known to them.
Also worrisome are the reported cases of unregistered persons and non-bank officials swapping banknotes for members of the public, purportedly on behalf of the CBN. We wish to state unequivocally that, contrary to the practice of these unpatriotic persons, it is unlawful to sell the Naira, hurl (spray),or stamp on the currency under any circumstance whatsoever.”
According to the CBN, “Section 21(3) of the Central Bank of Nigeria Act
2007 (As amended) stipulates that “spraying of, dancing or matching on the
Naira or any note issued by the Bank during social occasions or otherwise
howsoever shall constitute an abuse and defacing of the Naira or such note and
shall be punishable under the law by fines or imprisonment or both.”
Similarly, Section 21(4) states that “It shall also be an offence punishable under Sub-section (1) of this section for any person to hawk, sell or otherwise trade in the Naira notes, coins or any other note issued by the Bank.”
The CBN also revealed that it is also is collaborating with the Nigeria
Police, Federal Inland Revenue Service (FIRS), the Economic and Financial
Crimes Commission (EFCC) and the Nigerian Financial Intelligence Unit (NFIU) to address the unpatriotic practice.