The scarcity of cash in banks has reportedly adversely affected economic activities in Southeast Nigeria as residents struggle to buy foodstuffs and other items for the Yuletide.

Visits to commercial banks in Enugu, Ebonyi, Imo, Abia and Anambra states show that banks have run out of cash in their Automated Teller Machines (ATMs).

In Enugu State, for instance, the ATMs at the First Bank branches in Okpara Avenue, Ogui Road, Presidential Road and Agbani Road were out of cash, leaving many customers stranded.

The situation was similar at the UBA, Zenith Bank, Fidelity Bank, FCMB, GTB, and Access Bank branches visited.

Meanwhile, some residents who spoke to our reporters lamented that the cash scarcity in commercial banks had complicated their financial situation which was already bad.

They lamented that despite the assurances of the Central Bank of Nigeria, there was no adequate cash in circulation.

"How we do make payments for foodstuffs in villages or where there are no internet services?" a businesswoman, Mrs Janet Nwaosu lamented, adding that since last Thursday, she started noticing cash scarcity in banks in Enugu State.

"This morning, I have visited more than 10 ATMs in six different banks but none has cash in it. What's happening," she queried.

A driver with Royal Mass Transit, Michael Nwede, told Our reporters that more than 60 percent of passengers who came to their park on Thursday to travel lamented the lack of cash.

"We don't do e-tickets here. We collect cash because there is a chain of people involved. We pay loaders and conductors pay each vehicle they load. So, where do we get cash to pay them if we allow passengers to pay through e-transactions?

"Also, 90 percent of fuel stations in Enugu State and other parts of the Southeast don't accept e-transactions on fuel sales. Soldiers, police, and road safety personnel don't collect e-transaction when they extort money from us on the road," he decried.

However, our reporters gathered that many businessmen and women inside Ogbete Main Market have stopped taking their money to the bank to deposit due to the cash scarcity.

They now trade their cash with people desperately in need of cash in the market but this attracts charges.

A source told SaharaReporters that those who have cash now sell N20,000 for between N21,500 and N22,000.

"We are back to last year's experience when former Governor of Central Bank, Godwin Emefiele introduced a cashless and cash swap policy. This time it will be worse because the economy was far better than now," a trader said.

The situation is the same in Abakaliki, the Ebonyi State capital, and other state capitals in the Southeast region.

In Ebonyi, for instance, many people now reportedly hoard cash because of uncertainty.

Residents of Awka, the Anambra State capital have also been lamenting the cash scarcity as banks across the capital city and its environs have not been dispensing cash to customers.

Speaking with SaharaReporters on Monday, some residents of the capital city said that only a few banks still dispense a maximum of N5,000 from their ATMs while some no longer dispense money at all.

A POS operator at the popular Aroma Roundabout, Awka, Mr. Rich told Our reporters that the United Bank for Africa (UBA) gives only N5,000 to customers at the counter while some other banks give between N5,000 and N10,000 maximum to customers.

“There is no money anywhere. Someone gave me the money I am using for my business now. UBA only pays N5,000 to customers and there are some banks which even said they don’t have money,” Rich said.

Also, a trader at the Ifite area of Awka, Mrs Jane said she had not been able to withdraw money from banks to enable her to restock her shop as there was no money in the banks he visited.

She added that she had to travel to Onitsha on Saturday where she ‘bought’ money from POS operators before she could buy the items she needed.

One Mama Blessing also lamented how she paid N600 for Keke Napep to visit at least three different banks along the Enugu-Onitsha expressway in Awka to withdraw money but only managed to get N5,000 at the UBA while other banks claimed they didn't have cash.

Mama Blessing who was visibly angry said, “I am seriously angry. How can I suffer to make money, spend another on Keke Napep to go to three banks and I could not withdraw money because they claimed they don’t have cash? That is nonsense. After roaming around and spending not less than N600 on Keke Napep, I got only N5,000 from UBA!”

While POS operators in Awka were charging customers N100 to withdraw N5,000 and N200 to withdraw N10,000, Mr. Rich said that as a result of the cash scarcity, they had increased their charges to N150 for N5,000 and N300 for N10,000 withdrawals.

Our reporters  reported on December 14 that the Central Bank of Nigeria said there were enough naira notes in circulation to meet Nigeria's cash needs.

A statement on Wednesday, by CBN's Acting Director of Corporate Communications, Mrs Hakama Ali, revealed that naira notes in circulation had increased from N1tn in February to N3.4tn in December.

According to the statement, it was an indication that there was sufficient cash in circulation. However, the apex bank blamed the scarcity on the hoarding of the naira by some persons due to the challenges they faced during the naira redesign project.

The spokesperson for the apex bank said the CBN was monitoring the situation and had released sufficient cash to its branches nationwide for onward distribution to Deposit Money Banks.

The statement read, “The CBN has adequate cash to meet the day-to-day transaction needs of Nigerians. We appeal to Nigerians to be patient while the CBN does the needful to ensure the availability of cash, particularly during the Yuletide and beyond.”