Despite warnings by the Central Bank of Nigeria, CBN, commercial and micro finance banks in Warri, the commercial nerve centre of Delta State, have continued to ration cash to customers, Investigation by Fresh Angle International has revealed.
Findings by this Newspaper since January 2, showed that virtually all the commercial banks operating in Warri and Effurun, have been dispensing maximum twenty thousand naira cash to customers, while the micro finance banks are dispensing maximum five thousand naira.
The banks, kept encouraging their customers, most of whom are agitated to do electronic transfers and patronize Point - of - Sale, PoS points, in order to access larger amount of cash.
This Pioneer Niger Delta Online Newspaper, also discovered that the ATM points of majority of the banks were cash - dry and offering zero service as at the time of this report.
Months of Dig - Deep by Our Correspondents, revealed that the PoS operators, purchase large sums of cash from filling stations, big traders in major markets like Igbudu and Dore (Main) markets in Warri and occasionally get reasonable amount of cash from some bank managers.
Whilst the limited cash flow has increased the volume of electronic cash transactions, it appeared to have slowed down restart of small and medium scale businesses in the twin cities of Warri and Effurun in this new year, 2025.
Copyright: Fresh Angle International (www.freshangleng.com)
ISSN 2354 - 4104
Sponsored Ad
Our strategic editorial policy of promoting journalism, anchored on the tripod of originality, speed and efficiency, would be further enhanced with your financial support.
Your kind contribution, to our desire to become a big global brand, should be credited to our account:
Fresh Angle Nig. Ltd
ACCOUNT NUMBER: 0130931842.
BANK GTB.
×
![]()