Banks in FCT not limiting cash withdrawal

Deposit Money Banks (DMBs) in the Federal Capital Territory (FCT), Abuja, are conducting their daily transactions smoothly without putting a ceiling on the amount each customer can withdraw.

Checks by the Nigerian Tribune on Tuesday to authenticate the veracity of reports that some banks in parts of the country were unable to meet the cash withdrawal demands of their customers, thereby necessitating rationing, showed that the reverse was the case in the FCT.

All customers were able to withdraw the amount they needed in conformity with statutory regulations of the withdrawal limits set by the Central Bank of Nigeria (CBN).

However, a ranking source in the banking sector attributed the purported limiting of withdrawals in some states of the federation to the Yuletide season.

According to the top banking source who said his name should not be mentioned because he had no authority to speak to the press, “The rationing is artificial. It is customary that during this period of the year, bank customers make huge withdrawals from their account for the Christmas and New Year celebrations.

“In fact, we noticed this trend from October of every year. In January, customers do lodge huge sums of money in their accounts. This pattern has been noticed over the years and it is not just starting today.”

“It has nothing to do with the health of the banking system. The liquidity in Banks in the country is very solid. Any bank that has liquidity issue, there are options to remedy the situation without subjecting customers to unnecessary withdrawal restrictions.

“Logistic issue may also be responsible for the inability of some banks to meet the withdrawal request of their customers. Banks in Nigeria are very solvent, they are solid; the people should not be afraid of the deposits”.

There have been reports in recent time of some banks not being able to meet the demands of their customers for cash withdrawal, thereby leading to the disbursement of a fixed amount for all customers regardless of each customer’s need.

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