•To issue circular to commercial banks
•As banks place limits on dispensable amounts
There’s rising concerns over restrictions imposed by some banks on customers. The situation is not different in banks located in other parts of the country, as customers complain of such restriction.
While some banks place limits on the amount customers can withdraw per transaction, others declare that foreign currencies, particularly US dollars and British pounds, are unavailable. Banks offer lower denominations.
A few other banks offer to dispense only lower denominations, such as $20 notes, a practice some customers said was aimed at discouraging account holders from proceeding with their withdrawal requests.
At another bank, a new-generation commercial bank, a teller told our reporter: “US dollars are not currently available, but you can keep following up. Maybe you will be lucky next time.”
“So they will offer the lower denomination that you cannot accept and thereby blame you for the failure of the transaction.” The $5,000 withdrawal request cut to $3,000.
At another old-generation bank, a teller told our correspondent who posed as a customer requesting $5,000, that the bank could only dispense $3,000. The teller added that he was not sure the customer would be able to withdraw as much as $3,000, even if he returned the following day.
At another bank, a new-generation commercial bank, a teller told our reporter: “US dollars are not currently available, but you can keep following up. Maybe you will be lucky next time.”
At another new-generation bank on Victoria Island, Lagos, where a teller told our reporters that US dollars were unavailable, a customer said he had just collected $1,000.
The customer added that the maximum amount a customer could withdraw in US dollars over the counter was $1,000, attributing the restriction to the scarcity of the currency.
The source said: “The Central Bank of Nigeria has received several complaints from the general public alleging difficulties in withdrawing cash from their domiciliary accounts, even when withdrawals are made in accordance with the applicable requirements for the operation of their accounts.
“These complaints include reports of practices and arrangements that may impede the timely and convenient fulfilment of legitimate withdrawal requests.”
Circular may be issued soon
Hinting that an investigation was ongoing, the source said a circular would soon be issued advising banks “to desist from practices that unnecessarily restrict or delay legitimate cash withdrawal requests, which create an impression of banking distress.”
He added that banks would be directed to review their current practices and take immediate steps to ensure that legitimate withdrawal requests were appropriately honoured.
Banks accused of trading with forex cash
The development has heightened concerns among customers who operate domiciliary accounts and expect to have reasonable access to their legitimate foreign currency deposits when they make withdrawal requests in accordance with applicable banking requirements.
SOURCE: vanguardngr.com