ABIA RESIDENTS ACCUSE BANKS OF HOARDING CASH, ENRICHING POS OPERATORS

REPORTER: PEACE AGBO

Residents of Abia State have accused commercial banks in the state of hoarding cash.

This followed the failure of commercial banks in the area to dispense cash from their Automated Teller Machines, ATM.

Radio Nigeria observed that since the infamous change of the naira notes by the immediate past leadership of the Central Bank of Nigeria (CBN), which made Nigerians pass through great difficulties in accessing cash, banks across Abia State seldomly dispense cash through their Automated Teller Machines.

This situation has not gone down well with residents of the state.

Some of them, Mr. Okechukwu Emereonye, Mrs. Nkechi Onwuka and Mr. Divine Nwankwo, allege that the commercial banks in the state hoard cash and impoverish the residents who now depend on P.O.S operators for cash at outrageous charge.

The residents argue that the action of the banks go against the policy of the CBN, wondering why banks that do not place any limit on deposit should do so on withdrawal.

They urged the CBN to investigate the operations of commercial banks to ensure that they ATM dispense cash regularly.

In a separate contribution, Mrs. Ngozi Nwankwo and Mr. James Walker noted that the issues of withholding cash and inability to access reasonable amount of cash by Abia residents at ATM have become so worrisome, especially as the commercial banks have refused to explain the reasons behind this action.

They accuse the banks of clandestine plan of enriching POS operators at the expense of the people.

For her part, a P.O.S operator, Miss Goodness Maduako, attributed the high charges to scarcity of cash and high rates of other logistics.

According to the POS operator, the CBN and the Federal Government should investigate the operations of these commercial banks to ameliorate the pains of Abia State residents.

EDITED BY CHUKWUBUIKE MADU