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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.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Crude Oil

Crude Oil Pulled Back Despite Joe Biden Stimulus

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Crude Oil Pulled Back Despite Joe Biden Stimulus

Crude oil pulled back on Friday despite the $1.9 trillion stimulus package announced by U.S President-elect, Joe Biden.

Brent crude oil, against which Nigeria’s oil is priced, pulled back from $57.38 per barrel on Wednesday to $55.52 per barrel on Friday in spite of the huge stimulus package announced on Thursday.

On Thursday, OPEC, in its latest outlook for the year, said uncertainties remain high in 2021 with the number of COVID-19 new cases on the rise.

OPEC said, “Uncertainties remain high going forward with the main downside risks being issues related to COVID-19 containment measures and the impact of the pandemic on consumer behavior.”

“These will also include how many countries are adapting lockdown measures, and for how long. At the same time, quicker vaccination plans and a recovery in consumer confidence provide some upside optimism.”

Governments across Europe have announced tighter and longer coronavirus lockdowns, with vaccinations not expected to have a significant impact for the next few months.

The complex remains in pause mode, a development that should not be surprising given the magnitude of the oil price gains that have been developing for some 2-1/2 months,” Jim Ritterbusch, president of Ritterbusch and Associates, said.

Still, OPEC left its crude oil projections unchanged for the year. The oil cartel expected global oil demand to increase by 5.9 million barrels per day year on year to an average of 95.9 million per day in 2020.

But also OPEC expects a recent rally and stimulus to boost U.S. Shale crude oil production in the year, a projection Investors King experts expect to hurt OPEC strategy in 2021.

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Crude Oil

OPEC Says Uncertainties Remain High in 2021

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OPEC Says Uncertainties Remain High in 2021

The Organization of the Petroleum Exporting Countries (OPEC) on Thursday said global uncertainties remained high going forward in 2021 but kept its oil demand forecast unchanged.

In the cartel’s latest oil outlook for 2021, oil demand is expected to increase by 5.9 million barrels per day year on year to 95.9 million barrels per day. The prediction was unchanged from December’s assessment.

However, OPEC and allies, said: “Uncertainties remain high going forward with the main downside risks being issues related to COVID-19 containment measures and the impact of the pandemic on consumer behavior.”

“These will also include how many countries are adapting lockdown measures, and for how long. At the same time, quicker vaccination plans and a recovery in consumer confidence provide some upside optimism.

Crude oil rose to $57 per barrel this week after incoming US President Joe Biden announced it would inject $1.9 trillion stimulus into the world’s largest economy.

But the recent rally in the commodity and stimulus announcement is expected to boost US crude oil output and disrupt OPEC+ production cuts strategy for the year.

The 2021 supply outlook is now slightly more optimistic for U.S. shale with oil prices increasing, and output is expected to recover more in the second half of 2021,” OPEC said.

Still, OPEC, in its forecast “assumes a healthy recovery in economic activities including industrial production, an improving labour market and higher vehicle sales than in 2020.”

“Accordingly, oil demand is anticipated to rise steadily this year supported primarily by transportation and industrial fuels,” the group said.

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Crude Oil

Brent Crude Oil Rose to $56.25 Per Barrel

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Brent Crude Oil Rose to $56.25 Per Barrel

Oil price surged following the declaration of Joe Biden as the President-elect of the United States of America last week after Trump’s mob invaded Capitol to disrupt a joint Senate session.

Also, the large drop in US crude inventories helped support crude oil price to over 11 months despite the second wave of COVID-19 crushing the world from Asia to Europe to America.

Brent crude oil, against which Nigerian Crude oil is priced, rose to $56.25 per barrel on Friday before pulling back to $55.422 per barrel on Monday during the London trading session.

Experts attributed the pullback to the rising number of COVID-19 cases in Asia with about 11 million people already locked down in Hebei province in China.

Covid hot spots flaring again in Asia, with 11 million people (in) lockdowns in China Hebei province… along with a touch of FED policy uncertainty has triggered some profit taking out of the gates this morning,” Stephen Innes, chief global market strategist at Axi, said in a note on Monday.

China, the world’s largest importer of crude oil, has joined the United Kingdom and others declaring full or partial lockdown to curb the second wave of COVID-19.

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