By Correspondent in Lokoja.
With the Muslim community in Kogi preparing for the forthcoming Eid-el-Fitr celebrations, a severe cash crunch has hit Lokoja, crippling businesses and making daily transactions a struggle for residents.
According to the News Agency of Nigeria,NAN, most banks in the state capital had run out of cash, leaving customers stranded and frustrated.
The agency further reports that at First Bank and Access Bank, cash withdrawals over the counter were restricted to N40,000 and N5,000, respectively. Other banks, including GTB, UBA, Zenith, Union Bank, and Eco Bank, imposed withdrawal limits ranging between N10,000 and N20,000 per customer.
The Reporters gathered that frustration ran high as bank customers, many of whom needed money for Eid-fitri purchases, were met with empty vaults. Bank officials attributed the crisis to low cash supply from the Central Bank of Nigeria (CBN).
“The cash we received from the CBN today is very small. We have no option but to distribute it across our branches in the state,” a bank official, who spoke anonymously, said.
In effect,the situation has disrupted not only personal transactions but also business operations, particularly for traders and small-scale entrepreneurs who rely heavily on cash.
Mrs. Janet Adejor, who manages a popular restaurant in Lokoja, was among those affected. She expressed frustration over her inability to purchase supplies for her business.
“I wanted to go to the vegetable market, but without cash, how do I buy anything? This government must act fast before the banks completely ruin our businesses,” she lamented.
Similarly, Alhaji Ahmed Bello, a civil servant, decried the hardship, recalling how a similar crisis paralyzed the economy during the administration of former President Muhammadu Buhari.
“I came to withdraw money for my travel plans, but I was told there’s no cash. Where do they expect me to go now?” he asked.
With Eid-el-Fitr fast approaching, many residents worry that if the situation persists, it will dampen the festive mood and make it difficult for families to prepare adequately.
They are calling on the Federal Government and the Central Bank of Nigeria to intervene urgently and restore normalcy to the banking system before small businesses collapse and the crisis spirals further out of control.
The Reporters with agency report
Edited by Dada Ahmed.
