Hoarding Of New Naira – Banks Break Silence Over Allegations

• The Association of Corporate Affairs Managers of Banks has released a formal statement denying the allegations of commercial banks fueling the naira scarcity.

• According to Rasheed Bolarinwa, the banks cannot fuel the scarcity owing to the fact they had already invested N100 billion into the system.

• However, he notes that 80% of Nigerians now enjoy internet banking.

EKO HOT BLOG reports that the Association of Corporate Affairs Managers of Banks (ACAMB) has denied allegations of fueling the scarcity of the newly redesigned naira notes across Nigeria.

The organization empathized with the public for the hardships caused by the rollout of the new notes and reviewed the country’s cashless policy.

In a statement, the President of ACAMB, Rasheed Bolarinwa, stated that the banks could not be the cause of the scarcity of the new notes, as they have already invested about N100 billion in the system.

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Bolarinwa explained that the funds were used in setting up and maintaining cutting-edge electronic channels for seamless customer experience and real-time digital financial transactions.

He noted that 80% of Nigerians now enjoy digital/cashless services through internet banking, mobile apps, Automated Teller Machines (ATMs), Point of Sales (PoS) merchants, mobile wallets, Unstructured Supplementary Service Data (USSD) codes, agents, and digital franchises.

This has seen Nigeria recognized as having one of Africa’s most advanced digital financial services industries and one of the world’s top 10 real-time payment markets.

The financial institutions declared their full support for the enhanced cashless policy championed by the Central Bank of Nigeria (CBN) and said they were collaborating with the regulator and other stakeholders to address the constraints in the implementation and ensure citizens do not experience any difficulties during the transition process.

Bolarinwa affirmed that banks are not hoarding or holding back naira notes and are committed to providing exciting customer experiences. He explained that ATMs are being loaded daily and cash is being disbursed under the supervision of CBN inspectors and anti-graft agencies.

The banks have also deployed extra technical support for online payments, additional security at ATMs, technological backup to reduce online downtime, and additional staff to attend to cash transactions.

In conclusion, ACAMB expressed confidence that the measures, in addition to the efforts of the CBN, will result in greater ease of access and cash liquidity.

However, ACAMB appealed to customers to exercise patience and not resort to violence against any bank, its employees, or banking facilities, as many banks are public companies owned by millions of Nigerians and provide employment to tens of thousands of staff who work to ensure reliable and secure services.

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“ACAMB affirms without any equivocation that Banks are not in any way hoarding or holding back naira notes or engaging in any act inimical to our avowed commitment to exciting customer experience.” The statement read in quote.

If the banks aren’t the ones hoarding the naira notes, then who is? This is a question and reality every Nigerian is faced with at this moment in time.

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