In a disconcerting turn of events, the specter of cash scarcity has reappeared in Lagos State, echoing the difficulties experienced earlier this year, allegedly due to a policy enforced by the embattled Central Bank of Nigeria (CBN) Governor, Godwin Emefiele. Guarantee Trust Bank, a prominent financial institution in the region, has reportedly suspended regular access to customers’ funds, leaving patrons at its Ogba branch in distress.
The situation has roots in a policy announcement made by the CBN in November 2023, indicating that both old and new Naira notes should be accepted until further notice. However, some commercial banks, including Guarantee Trust Bank in Lagos, appear to have selectively adhered to this directive, exacerbating the challenges faced by customers.
Tuesday, 12th December marked a day of frustration for Guarantee Trust Bank customers at the Ogba branch, as the bank reportedly imposed severe restrictions, allowing withdrawals of no more than N5,000. In contrast, other financial institutions, like FCMB, were reported to be facilitating withdrawals of up to N20,000, further intensifying the dismay among customers.
The imposed limitations triggered anger and frustration among patrons, compelling some to seek alternative banking solutions. Reports claimed that a number of dissatisfied customers initiated transfers of their funds to online platforms such as Opay and Palmpay, seen as more reliable options during this period of banking uncertainty because Guarantee Trust Bank app is nothing to rely on.
The atmosphere at Guarantee Trust Bank’s Ogba branch reflected a sense of devastation and lamentation as customers grappled with the unexpected restrictions on their hard-earned money. The situation raises concerns about the broader implications of the alleged CBN policy and the response of commercial banks in Lagos, potentially hinting at a resurgence of the cash scarcity challenges experienced earlier in the year.
As the banking landscape in Lagos faces these hurdles, customers are left grappling with the impact of financial decisions beyond their control, highlighting the need for transparency, communication, and a reliable banking infrastructure to navigate these uncertain times.
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