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Christmas: ATMs Running Out of Cash

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  • Christmas: ATMs Running Out of Cash

Less than 24 hours to Christmas, many bank customers yesterday faced hard times trying to make withdrawals at Automated Teller machines (ATMs) for their purchases due to long queues and occasional inability of the ATMs to dispense cash, as online banking platforms have been frustrating transactions initiations in the last three days.

This had made many customers to travel from one bank to another to make withdrawals.

Customers living in these areas complained of snag and outright decline to online transactions initiation, a case that has been noticed in over nine banks.

Queues were very long, with majority of customers wearing long faces after several trials and slow response, with reports of transactions failure.
The development, which has already caused panic among customers, was made worse, as all the banks joined the holiday break at the close of work yesterday.

There are fears that the situation could get worse during the celebrations and public holidays, as most banks hardly reload the machines on weekends and public holidays, let alone during the Yuletide.

This means that official intervention can only be possible at the end of the holiday break on Tuesday.

In most parts of Lagos, especially in places with high population density, the queues have been frustrating, with some customers bemoaning their fate and wondering how they were going to be able to make merriment tomorrow.

At Festac, Okota, Ikotun, Surulere, Oshodi, Ikotun, Idimu, Egbeda, Airport road and some parts of Ikeja, most of the ATMs had been running out of cash since Tuesday, with customers trooping in to make cash withdrawals sometimes as early as 6:00 am.

It has become common sight to see customers trekking from bank to bank in search of functional ATMs, irrespective of the banks, to beat the rush and make withdrawals.

Most have different tales and some have indeed been spending more money on transport fares in attempts to make withdrawals.

In the Federal Capital Territory (FCT), customers yesterday decried lack of money in many ATMs.

The News Agency of Nigeria (NAN) also observed long queues in most of the banks in the city.

Some of the banks include United Bank for Africa (UBA), First Bank of Nigeria Plc (FBN), Guaranty Trust Bank (GTB) in Area 3; Ecobank, Gwarinpa and Zenith Bank in Dutse; and Diamond Bank, Stanbic IBTC, Sterling Bank, First City Monument Bank and Access Bank in Garki.

A customer at the First Bank in Area 3, Mrs. Esther Uche, said she had been waiting under the sun for over 20 minutes and had not been able to make withdrawal.

“The bank management is aware of the usual chaos during every festivity and ought to have made adequate provision, especially regarding availability of funds in ATMs,” she said.

A customer at the GTB, Mr. Gabriel Okwoche, said it was unfortunate that the banks had not been meeting customers’ demands.

Okwoche said he did not expect the queue at the banks, as many Nigerians complain about the recession and lack of money in circulation.

At the UBA, a customer, Miss Joy Edoh, told NAN that she had been to about four banks’ ATMs in Garki and unable get make withdrawals due to lack of cash in the machines.

Edoh said at the Access Bank in Garki, she and other customers waited for 30 minutes and when it got to her turn, the machine stopped dispensing cash.

“I am happy that the UBA ATMs are all working and I am sure to get money in the next five minutes,” she enthused.

At Union Bank, no customer was seen at the ATMs, as they were not dispensing cash.

At Diamond Bank, many customers were seen in the banking hall and there was a long queue of customers at the ATMs.

There were long queues at the Ecobank ATMs in Gwarinpa, with some already frustrated customers leaving the premises in annoyance.

One of them, Mr. John Johnson, called on the management of the various banks and the Central Bank of Nigeria (CBN) to do something about the queues at the banks.

“Today is December 23 and we have all the remaining days of the holiday to contend with and we are already experiencing insufficient funds. I wonder what we will face during the holidays.

“I implore the management of all the banks to ensure that the ATMs are loaded with cash. If this is not done, customers are bound to suffer during this Christmas celebration,” Johnson said.

Another customer at Ecobank, Mr. Emmanuel Adejo, said he was at the bank’s head office in Wuse 2, but could not withdraw.

According to Adejo, a bank official said the bank had insufficient funds, as CBN did not release enough money to it.
A customer at Zenith Bank in Dutse, Miss Talatu Abraham, said she was impressed that most ATMs at the bank were dispensing cash.

Abraham said that the bank was the only bank within the Dutse-Alhaji axis and was always crowded due to that fact of dispensing.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Crude Oil

Oil Prices Continue to Slide: Drops Over 1% Amid Surging U.S. Stockpiles

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Amidst growing concerns over surging U.S. stockpiles and indications of static output policies from major oil-producing nations, oil prices declined for a second consecutive day by 1% on Wednesday.

Brent crude oil, against which the Nigerian oil price is measured, shed 97 cents or 1.12% to $85.28 per barrel.

Similarly, U.S. West Texas Intermediate (WTI) crude slumped by 93 cents or a 1.14% fall to close at $80.69.

The recent downtrend in oil prices comes after they reached their highest level since October last week.

However, ongoing concerns regarding burgeoning U.S. crude inventories and uncertainties surrounding potential inaction by the OPEC+ group in their forthcoming technical meeting have exacerbated the downward momentum.

Market analysts attribute the decline to expectations of minimal adjustments to oil output policies by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known collectively as OPEC+, until a full ministerial meeting scheduled for June.

In addition to concerns about excess supply, the market’s attention is also focused on the impending release of official government data on U.S. crude inventories, scheduled for Wednesday at 10:30 a.m. EDT (1430 GMT).

Analysts are keenly observing OPEC members for any signals of deviation from their production quotas, suggesting further volatility may lie ahead in the oil market.

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Energy

Nigeria Targets $5bn Investments in Oil and Gas Sector, Says Government

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Crude Oil - Investors King

Nigeria is setting its sights on attracting $5 billion worth of investments in its oil and gas sector, according to statements made by government officials during an oil and gas sector retreat in Abuja.

During the retreat organized by the Federal Ministry of Petroleum Resources, Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, explained the importance of ramping up crude oil production and creating an environment conducive to attracting investments.

He highlighted the need to work closely with agencies like the Nigerian National Petroleum Company Limited (NNPCL) to achieve these goals.

Lokpobiri acknowledged the challenges posed by issues such as insecurity and pipeline vandalism but expressed confidence in the government’s ability to tackle them effectively.

He stressed the necessity of a globally competitive regulatory framework to encourage investment in the sector.

The minister’s remarks were echoed by Mele Kyari, the Group Chief Executive Officer of NNPCL, who spoke at the 2024 Strategic Women in Energy, Oil, and Gas Leadership Summit.

Kyari stressed the critical role of energy in driving economic growth and development and explained that Nigeria still faces challenges in providing stable electricity to its citizens.

Kyari outlined NNPCL’s vision for the future, which includes increasing crude oil production, expanding refining capacity, and growing the company’s retail network.

He highlighted the importance of leveraging Nigeria’s vast gas resources and optimizing dividend payouts to shareholders.

Overall, the government’s commitment to attracting $5 billion in investments reflects its determination to revitalize the oil and gas sector and drive economic growth in Nigeria.

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Commodities

Palm Oil Rebounds on Upbeat Malaysian Exports Amid Indonesian Supply Concerns

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Palm Oil - Investors King

Palm oil prices rebounded from a two-day decline on reports that Malaysian exports will be robust this month despite concerns over potential supply disruptions from Indonesia, the world’s largest palm oil exporter.

The market saw a significant surge as Malaysian export figures for the current month painted a promising picture.

Senior trader David Ng from IcebergX Sdn. in Kuala Lumpur attributed the morning’s gains to Malaysia’s strong export performance, with shipments climbing by a notable 14% during March 1-25 compared to the previous month.

Increased demand from key regions like Africa, India, and the Middle East contributed to this impressive growth, as reported by Intertek Testing Services.

However, amidst this positivity, investors are closely monitoring developments in Indonesia. The Indonesian government’s contemplation of revising its domestic market obligation policy, potentially linking it to production rather than exports, has stirred market concerns.

Edy Priyono, a deputy at the presidential staff office in Jakarta, indicated that this proposed shift aims to mitigate vulnerability to fluctuations in export demand.

Yet, it could potentially constrain supply availability from Indonesia in the future to stabilize domestic prices.

This uncertainty surrounding Indonesian policies has added a layer of complexity to palm oil market dynamics, prompting investors to react cautiously despite Malaysia’s promising export performance.

The prospect of Indonesian supply disruptions underscores the delicacy of global palm oil supply chains and their susceptibility to geopolitical and regulatory factors.

As the market navigates these developments, stakeholders remain attentive to both export data from Malaysia and policy shifts in Indonesia, recognizing their significant impact on palm oil prices and market stability.

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