ATMs frustrating withdrawals to control cash in circulation—BH Intelligence
Business Hilights Intelligence Unit (BHIU) has bumped on a confidential directive (source with held) to financial institutions to work towards strategic control of all cash access models from banks especially during the yuletide and beyond.
The target is to continue to manage the recession exit and the vulnerability of the economy to avoid losing ground already covered in management of inflationary trend in the economy.
The source further hinted that the same fear was considered by the monetary policy authorities to be delaying final phasing out of old N100 note or even replacing volumes of mutilated lower denomination notes currently embarrasssing transactions at the informal sector of the economy.
Though the directive was not for public knowledge, checks across the major cities showed that several Automated Teller Machines (ATMs) which had hitherto been giving seamless services in dispensing cash are not giving intermittent services.
Further investigations showed that the development started barely 24 hours to Christmas and had prevailed since then till date even as account holders groan service epilepsy.
