ATMs frustrating withdrawals to control cash in circulation

There are strong indications that the poor services of Automated Teller Machines, ATM in recent times was intentionally programmed to be so for strategic control of all cash access models from banks especially during the yuletide and beyond, National Daily has gathered.

In a confidential directive to financial institutions, National Daily learnt that 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.

ALSO SEE: EFCC charges Innoson boss with stealing, others

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 embarrassing 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.