By Ikugbadi Oluwasegun
The Point of Sales (POS) operators have relied heavily on artificial cash scarcity caused by no substantial reason despite Central Bank of Nigeria’s warning which make them charge exorbitant amounts from customers in need of cash.
However, the Central Bank Of Nigeria (CBN) through Hakama Sidi-Ali, Acting Director of Corporate Communications Department gave assurance on Wednesday 26th of December 2023 that, “The CBN encourages the public to continue their regular activities without being alarmed by reports that have not emanated from the CBN about the health status of Nigerian banks.” https://bit.ly/48e12PZ
On Thursday 27th of December 2023, a reporter with Sparklight News decided to monitor how banks are rationing cash for the poor masses and giving of huge amount to the rich class.
During a visit to a branch of Fidelity Bank located at Igando area of Lagos State, our correspondent decided to experiment by withdrawing cash of N25,000 (Twenty Five Thousand Naira).
Having attempted to withdraw cash from the ATM with no luck, the next option was to enter the banking hall. At the entrance of bank hall, a security man would ask the purpose of visit and if it is withdrawal, he would mentioned that only 5000 naira could be accessed.
In order to find if people were buying cash, our reporter got a teller and filled N25,000.
Approaching the next cashier, he presented the withdrawal slip, and the cashier insisted he couldn’t withdraw more than N5,000.
On enquiry on why he can’t withdrew 25,000, the cashier couldn’t offer a reasonable explanation about the decision.
Moving on to the next teller, still the same insistence. He asked her why and she said no cash, and that is the directive of the bank. There, our reporter sighted huge amount of money and decided to film the money so appropriate question can be directed to CBN why people cannot access their money.
On bringing out his phone to record, the bank security rushed at him and tried all means to make sure he stopped recording the activity of the bank.
There, the bank operation manager surfaced and ask the security to brutalise, molest and detain him for hours before finally being threw out of the banking hall.
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While he was leaving, one of Security by name “Promise” (one of the bank security guards) and the operational manager vowed that they would send the reporter to jail.
Outside the banking hall, he was taken to the security room, his phone was taken from him until he was forced to delete the video from the device.
He deleted the video before he was handed over to a police officer, Badmus Funmi attached to the bank.
Our Reporter was with her for over an hour by the order of the operation manager. After a one and half hours, the operation manager later ordered the police to return his phone and he was let go.
Across the country, banks have been limiting customers from accessing funds higher than five thousand naira while the give more money to the POS against so they could get Commission for action.