Economy
SOME residents of Calabar have raised alarm over their inability to access cash from banks and Automated Teller Machine (ATM) stands in the city.
The residents who spoke to the News Agency of Nigeria (NAN) in Calabar on Wednesday, said that having access to cash had become more difficult in the past one week
NAN reports that long queues have emerged at ATM stands around the city as residents struggle to have access to cash.
NAN further reports that the situation is taking its toll on small scale businesses that do not have Point of Sale (POS) and online banking facilities.
Meanwhile POS operators are currently taking advantage of the situation to demand exorbitant charges on transactions.
Mr Abel Uwem, a Calabar-based teacher, described the situation as ‘terrible and tortuous’, and urged banks to make cash available to their customers.
“How do we cope during the yuletide without cash? Many of the ATM machines in town are not dispensing cash,” he said.
Anekan Bassey, a Mechanic said that the problem was caused by banks’ refusal to give above N5,000 cash to their customers.
“POS operators claim to buy cash from banks and petrol stations, so they sell to members of the public in order to remain in business.
“This is unfair, even with money in your account, you can’t have access to cash. The situation is becoming unbearable,” he said.
Miss Uduak Enoch, a nurse, said she woke up as early as 5.00a.m to queue at an ATM stand in order to get cash.
“There is also no guarantee that you will get cash. Most of the ATM stands do not dispense more than N10,000,” she said.
A POS operator, Omini Mike, said that he charged higher for withdrawals because he purchased cash from petrol stations and supermarkets.
“So when you see me charging more on transactions, it’s not my fault, I need to make profit, I invested to acquire the cash,” he said.(NAN)
11th December, 2024.
C.E.
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