• Business - Companies
  • Updated: February 04, 2023

Banks Not Paying Maximum Of N20,000 Over Counter Should Be Sanctioned, Customers Tell CBN

Some bank Customers in Sango-Ota, Ogun State have appealed to the Central Bank of Nigeria (CBN) to sanction Money Deposit Banks that are not paying the maximum of N20,000 to customers over the counter.

The customers said this in a separate interview with the News Agency of Nigeria (NAN) on Friday in Ota, Ogun.

It was previously reported that the apex bank on Thursday directed all Deposit Money Banks nationwide to begin to pay newly-designed notes over the counter to customers immediately not exceeding a maximum of N20,000.

Joseph Ogunyemi said that he was in the bank to withdraw money but unfortunately he was able to withdraw only N5,000 over the counter.

Ogunyemi, a trader at the Sango-Ota market, alleged that most of the banks in the Sango-Ota vicinity had not complied with the new N20,000 maximum withdrawal order.

He added that some of these banks did not even open their entry doors for customers to enter the banking halls while their Automated Teller Machine was not dispensing the new notes.

“This development has almost paralysed business activities because there is no cash flow in the system to make transactions,” he said.

Ogunyemi stressed the need for the apex bank to impose stiffer sanctions on any bank not obeying the regulator’s directive.

He added that this sanction is necessary to ensure equity of the limited cash in the system.

Another bank customer at Sango-Ota, along Lagos-Abeokuta Expressway, Kunle Lawal, described the new CBN directive as a welcome development but most of the banks in his area are not complying with the instruction.

Lawal, also a Point of Sale operator, said that the CBN should not only make directive but they should enforce it to achieve the desired goals.

He added that the challenge of lack of sufficient cash in the economy could totally discourage people from keeping their money in the bank.

The PoS operator said that he urgently needed cash to give to his customers and also make some profit out of the transactions.

Lawal disclosed that one of the banks did not open to customers at the official time because of the large crowd waiting outside.

He said unfortunately the bank was able to give him N5,000 which is not the N20,000 directed by the CBN.

“It is really unfortunate that we found ourselves in such a situation but I believe that the regulator in charge of the banking system should be able to put them on check,” he said.


Related Topics

Join our Telegram platform to get news update Join Now
Felicia Abisola  Olamiji
Felicia Abisola Olamiji

  A graduate of English Language from Olabisi Onabanjo University, passionate about learning new...

More From this Author


npf microfinance bank plc Financial Services

NPF Microfinance Bank Plc Formerly known as NPF Community Bank Ltd, was incorpor...

consolidated hallmark insurance plc Financial Services

Consolidated Hallmark Insurance (CHIPLC) Plc is a general insurance company in N...

guinea insurance plc Financial Services

GUINEA INSURANCE PLC was established in 1948 when British West African Corporati...


0 Comment(s)


See this post in...