The prolonged financial tightrope in the country finds its roots in a combination of factors, as outlined by ASSBIFI, including the surge in panic withdrawals by bank customers and the unscrupulous hoarding of Naira notes by certain individuals chasing unethical profits.
Titled ‘Scarcity of Naira Notes,’ a statement from ASSBIFI President Olusoji Oluwo advises those hoarding the currency to immediately cease their actions. Oluwo emphasizes the detrimental effects, linking these practices to the escalating inflation that afflicts the nation’s economy and imposes hardship on innocent, vulnerable Nigerians.
The statement reads ‘The Association of Senior Staff of Banks, Insurance and Financial Institutions, ASSBIFI received several enquiries and complaints on scarcity of the Naira Notes in banks and various Automated Teller Machines, ATMs, around the country.’
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‘ASSBIFI has observed that the claimed scarcity of Naira Notes is as a result of panic withdrawals by bank customers out of fear of the sufferings and hardship experienced early this year, and activities of ignorant and unscrupulous persons who elected to hoard the Naira Notes for unethical gains inflicting pains and hardship on innocent and vulnerable fellow Nigerians.’
‘ASSBIFI strongly advise those hoarding the Naira Notes to desist forthwith as their actions add to the surging inflation bedeviling our economy and urges the general public not to make panic withdrawals, as the Central Bank of Nigeria, CBN, has announced indefinite acceptance of the old denominations as a legal tender.’
‘ASSBIFI implores its members who happen to be the interface between Money Deposit Banks, MDB, and the general public to remain focused and avoid distractions in the discharge of their responsibilities as the CBN continues to work with banks to ensure adequate supply and distribution of Naira Notes, especially at this festive period.’
‘ASSBIFI commends the resilience of Bank workers, and advises the general public to remain calm and safe by desisting from holding excess cash that may put them at unnecessary risk.’